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(U2) Holding Onto The Bulk Of Its Recent Gains

WTI TECHS
  • RES 4: $113.87 - High Jun 17
  • RES 3: $111.14 - High Jun 29 and a key near-term resistance
  • RES 2: $102.29/108.28- 50-day EMA / High Jul 5
  • RES 1: $100.53 - 20-day EMA
  • PRICE: $99.81 @ 12:27 BST Jul 20
  • SUP 1: $91.64/88.23 - Low Jul 15 / Low Jul 14 and the bear trigger
  • SUP 2: $85.37 - Low Mar 15
  • SUP 3: $83.51 - 1.50 projection of the Jun 8 - 22 - 29 price swing
  • SUP 4: $81.34 - 1.618 projection of the Jun 8 - 22 - 29 price swing

WTI futures traded higher again Tuesday and the contract remains in a short-term corrective cycle. A recent reversal signal was confirmed on Jul 14 - a hammer candle formation. Attention is on the next firm resistance at $102.29, the 50-day EMA. A clear break of this average is required to suggest scope for a stronger recovery. On the downside, a reversal lower would refocus attention on $88.23, the Jul 14 low and bear trigger.

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