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(U3) Breaches Key Resistance

WTI TECHS
  • RES 4: $85.94 - High Aug 23 2022
  • RES 3: $85.00 - Round number resistance
  • RES 2: $83.59 - High Nov 7 2022
  • RES 1: $82.00 - High Jul 31
  • PRICE: $81.51 @ 07:06 BST Aug 1
  • SUP 1: $76.64/73.78 - 20-day EMA / Low Jul 17
  • SUP 2: $69.82/66.98 - Low Jul 3 / Low Jun 12 and key support
  • SUP 3: $64.22 - Low May 4 and the bear trigger
  • SUP 4: $62.43 - Low Dec 2 2021 (cont)

The uptrend in WTI futures remains intact. The break above $77.15 last week, the Jul 13 high, confirmed a resumption of the current bull cycle and this has resulted in a break of key resistance at $81.44, the high on Apr 12 / 13. This development strengthens bullish conditions and signals scope for a climb towards $83.59, the Jul 11 2022 high. Initial key short-term support lies at $73.78, the Jul 17 low.

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