(Q3) Holding On To Its Latest Gains

• RES 4: $82.24 - High Apr 12 and key resistance
• RES 3: $80.39 - High Apr 19
• RES 2: $78.62 - High Apr 24
• RES 1: $78.03 - 76.4% retracement of the Apr 12 - May 4 bear leg
• PRICE: $74.26 @ 08:03 BST Jul 18
• SUP 1: $72.31 - 20-day EMA
• SUP 2: $69.69/66.96 - Low Jul 3 / Low Jun 12 and key support
• SUP 3: $64.41 - Low May 4 and the bear trigger
• SUP 4: $62.43 - Low Dec 2 2021 (cont)

The current bull cycle in WTI futures persists despite the pull lower in prices across the Friday session. The contract has recently breached $72.72, the Jun 21 high and Wednesday’s move higher resulted in a break of key resistance at $75.70, the Jun 5 high. This strengthens current bullish conditions and paves the way for a climb towards $78.03, a Fibonacci retracement point. Key short-term support has been defined at $66.96, the Jun 12 low. Initial support is at $72.31, the 20-day EMA.