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(U3) Bullish Trend Sequence

WTI TECHS
  • RES 4: $81.44 - High Apr 12 and key resistance
  • RES 3: $80.05 - High Apr 18
  • RES 2: $78.10 - High Apr 24
  • RES 1: $77.38 - 76.4% retracement of the Apr 12 - May 4 bear leg
  • PRICE: $76.78 @ 07:14 BST Jul 24
  • SUP 1: $73.78 - 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. Friday’s print above $77.15, the Jul 13 high, reinforces the bullish theme. A clear break of this resistance would confirm a resumption of the trend and open $78.10, the Apr 24 high. Further out, this would signal scope for a climb towards $81.44, the high on Apr 12 / 13. Key short-term support has been defined at $73.78, the Jul 17 low.

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