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(U3) Bullish Extension

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $87.43 - 1.382 proj of the Jun 28 - Jul 13 - Jul 17 price swing
  • RES 2: $85.94 - High Aug 23 2022
  • RES 1: $85.00 - Round number resistance
  • PRICE: $84.58 @ 06:58 BST Aug 10
  • SUP 1: $78.69/76.28 - Aug 3 low / 50-day EMA
  • SUP 2: $73.78 Low Jul 17
  • SUP 3: $69.82/66.98 - Low Jul 3 / Low Jun 12 and key support
  • SUP 4: $64.22 - Low May 4 and the bear trigger

The uptrend in WTI futures remains intact. The contract traded higher yesterday, confirming a resumption of the bull cycle. Price has also breached resistance at $83.59, the Nov 7 2022 high. A clear break of this hurdle would strengthen a bullish condition and pave the way for a climb towards $87.43, a Fibonacci projection. Moving average studies remain in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, the Aug 3 low.

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