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(Q3) Corrective Cycle Extends

WTI TECHS
  • RES 4: $80.39 - High Apr 19
  • RES 3: $78.62 - High Apr 24
  • RES 2: $76.35 - High Apr 28
  • RES 1: $74.00/75.70 - Intraday high / High Jun 5 and a key resistance
  • PRICE: $73.28 @ 07:13 BST Jul 10
  • SUP 1: $69.69/66.96 - Low Jul 3 / Low Jun 12 and key support
  • SUP 2: $64.41 - Low May 4 and the bear trigger
  • SUP 3: $62.43 - Low Dec 2 2021 (cont)
  • SUP 4: $60.00 - Psychological round number

WTI futures remain in a bear mode condition, however, a corrective cycle remains in play and the contract has breached resistance at $72.72, the Jun 21 high, This strengthens a short-term bullish condition and a continuation would expose key resistance at $75.70, the Jun 5 high. A break of this level would highlight an important bullish break. On the downside, key short-term support is at $66.96, the Jun 12 low.

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