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(U2) Remains Vulnerable

WTI TECHS
  • RES 4: $113.87 - High Jun 17
  • RES 3: $111.14 - High Jun 29
  • RES 2: $108.28 - High Jul 5
  • RES 1: $101.88 - High Jul 29 and a key near-term resistance
  • PRICE: $94.41 @ 07:06 BST Aug 3
  • SUP 1: $92.42/88.23 - Low Aug 01 / 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 remain vulnerable, having traded sharply lower Monday. The contract has recently failed to clear key resistance around the 50-day EMA - the average intersects at $100.25. Price has also pierced support at $93.01, the Jul 25 low. A clear break would strengthen bearish conditions and open $88.23, Jul 14 low and key support. Key resistance has been defined at $101.88, Jul 29 high. A break of this level would reinstate a bullish theme.

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  • RES 4: $113.87 - High Jun 17
  • RES 3: $111.14 - High Jun 29
  • RES 2: $108.28 - High Jul 5
  • RES 1: $101.88 - High Jul 29 and a key near-term resistance
  • PRICE: $94.41 @ 07:06 BST Aug 3
  • SUP 1: $92.42/88.23 - Low Aug 01 / 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 remain vulnerable, having traded sharply lower Monday. The contract has recently failed to clear key resistance around the 50-day EMA - the average intersects at $100.25. Price has also pierced support at $93.01, the Jul 25 low. A clear break would strengthen bearish conditions and open $88.23, Jul 14 low and key support. Key resistance has been defined at $101.88, Jul 29 high. A break of this level would reinstate a bullish theme.