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(U1) Corrective Bounce

WTI TECHS
  • RES 4: $76.07 - High Jul 6 and the bull trigger
  • RES 3: $74.90 - High Jul 13
  • RES 2: $72.48 - High Jul 15
  • RES 1: $71.40 - High Jul 19
  • PRICE: $70.19 @ 07:02 BST Jul 22
  • SUP 1: $65.01/64.60 - Low Jul 20 / 76.4% of the May 21 - Jul 6 rally
  • SUP 2: $63.10 - Low May 24
  • SUP 3: $61.06 - Low May 21 and key support
  • SUP 4: $59.92 - Low Apr 26

Brent futures faced strong selling pressure Monday clearing support at $68.86, Jun 17 low and also breached the 50-day EMA. The sharp sell-off defines a short-term trend top and signals scope for a deeper corrective pullback. The focus is on $64.60, a Fibonacci retracement where a break would open $63.10, the May 24 low. Yesterday's string gains are considered corrective. Initial resistance is at $71.40, Jul 19 high.

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