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(Q4) Bulls Remain In The Driver’s Seat

WTI TECHS
  • RES 4: $90.78 - High Oct 20 2023 (cont)
  • RES 3: $90.00 - Psychological round number
  • RES 2: $85.24 - High Apr 12 and the bull trigger
  • RES 1: $82.80 - High Apr 26
  • PRICE: $82.04 @ 07:16 BST Jul 1
  • SUP 1: $78.86 50-day EMA
  • SUP 2: $74.94/72.44 - Low Jun 10 / 4
  • SUP 3: $71.05 - Low Feb 5
  • SUP 4: $69.22 - Low Dec 13 ‘23 and a key support

A bull cycle in WTI futures remains in play and the contract traded higher last week. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme. Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been pierced. A clear break would open $85.24, the Apr 12 high and a bull trigger. Initial firm support to watch is $78.86, the 50-day EMA. A break would be seen as a potential reversal signal.

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