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(U3) Trend Needle Points North

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: $82.76 @ 07:01 BST Aug 11
  • SUP 1: $78.69/76.53 - 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 and yesterday’s pullback is considered corrective. This week’s gains confirm a resumption of the bull cycle. Price has breached resistance at $83.59, the Nov 7 2022 high. The break strengthens a bullish condition and paves the way for a climb towards $87.43, a Fibonacci projection. Moving average studies are in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, Aug 3 low.

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