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(Q3) Corrective Cycle Extends

  • RES 4: $80.39 - High Apr 19
  • RES 3: $78.62 - High Apr 24
  • RES 2: $76.35 - High Apr 28
  • RES 1: $72.72/75.70 - High Jun 21 / High Jun 5 and a key resistance
  • PRICE: $72.23 @ 07:01 BST Jul 7
  • SUP 1: $66.96 - Low Jun 12
  • SUP 2: $64.41 - Low May 4 and key support
  • SUP 3: $62.43 - Low Dec 2 2021 (cont)
  • SUP 4: $60.00 - Psychological round number

WTI futures remain in a bear mode condition and recent gains still appear to be a correction. Initial firm resistance to watch is $72.72, the Jun 21 high. A break of this level would expose $75.70, the Jun 5 high and a key resistance. Clearance of this level would signal a stronger reversal. For bears, a resumption of weakness would pave the way for a move towards $66.96, the Jun 12 low and the next key support.

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