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(U2) Pulls Back From Last Week’s High

WTI TECHS
  • RES 4: $111.14 - High Jun 29
  • RES 3: $108.28 - High Jul 5
  • RES 2: $101.88 - High Jul 29 and key resistance
  • RES 1: $95.05/97.74 - High Aug 10 / 50-day EMA values
  • PRICE: $91.08 @ 07:08 BST Aug 15
  • SUP 1: $87.01 - Low Aug 5
  • 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 late last week and cleared $92.65, the Aug 9 high. The 20-day EMA has also been pierced and this does suggest scope for a stronger near-term bounce, potentially towards the 50-day EMA, at $97.74. Price has pulled back from last week’s high. A stronger reversal would expose the bear trigger at $87.01, the Aug 5 low. Clearance of this support would confirm a resumption of the bear cycle.

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