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(U3) Trend Needle Points North

WTI TECHS
  • RES 4: $83.59 - High Jul 11 2022
  • RES 3: $81.75 - High Jan 23
  • RES 2: $81.44 - High Apr 12 and key resistance
  • RES 1: $80.71- High Jul 28
  • PRICE: $80.31 @ 07:12 BST Jul 31
  • SUP 1: $76.10/73.78 - 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 - last week’s gains confirmed a resumption of the bull cycle. The break above $77.15, the Jul 13 high signals scope for an extension towards the next key resistance at $81.44, the high on Apr 12 / 13. Moving average studies are in a bull-mode position, reinforcing current positive conditions. Key short-term support has been defined at $73.78, the Jul 17 low.

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