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(U1) Testing The 61.8% Retracement

WTI TECHS
  • RES 4: $76.07 - High Jul 6 and the bull trigger
  • RES 3: $74.90 - High Jul 13
  • RES 2: $73.46 - 76% retracement of the Jul 6 - 20 downleg
  • RES 1: $72.43 - High Jul 26
  • PRICE: $72.12 @ 07:03 BST Jul 28
  • SUP 1: $69.60 - 50-day EMA
  • SUP 2: $65.01/64.60 - Low Jul 20 / 76.4% of the May 21 - Jul 6 rally
  • SUP 3: $63.10 - Low May 24
  • SUP 4: $61.06 - Low May 21 and key support

Brent futures are consolidating and holding onto the strong rebound from $65.01, Jul 20 low. Price is testing the 61.8% retracement of the Jul 6 - 20 downleg at $71.85. A clear breach of this area would strengthen a bullish case and place on hold the recent bearish theme. It would also signal scope for a climb towards key resistance at $76.07, the Jul 6 high. A reversal lower would instead refocus attention on $65.01, Jul 20 low and the key support.

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