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(U3) Trend Needle Points North

WTI TECHS
  • RES 4: $87.43 - 1.382 proj of the Jun 28 - Jul 13 - Jul 17 price swing
  • RES 3: $85.94 - High Aug 23 2022
  • RES 2: $85.00 - Round number resistance
  • RES 1: $83.59 - High Nov 7 2022
  • PRICE: $81.91 @ 06:56 BST Aug 8
  • SUP 1: $78.69/73.78 - Aug 3 low / 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 and last Friday’s gains confirmed a resumption of the bull cycle. The move higher maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position and this reinforces current positive conditions. The focus is on $83.59, the Nov 7 2022 high. On the downside, initial firm support has been defined at $78.69, the Aug 3 low.

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