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(U4) Bullish Despite The Latest Pullback

WTI TECHS
  • RES 4: $84.36 - High Apr 12 and a medium-term bull trigger
  • RES 3: $83.58 - High Jul 5
  • RES 2: $82.27 - High Jul 18
  • RES 1: $80.77 - 76.4% retracement of the Jul 5 - Aug 5 low
  • PRICE: $76.24 @ 07:09 BST Aug 19
  • SUP 1: $74.60/71.67 - Low Aug 8 / 5 and the bear trigger
  • SUP 2: $70.73 - Low Feb 5
  • SUP 3: $69.16 - Low Dec 13 2023
  • SUP 4: $67.37 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures rallied sharply higher on Aug 12 . The move undermines a recent bearish theme and price traded through both the 20- and 50-day EMAs. A resumption of gains would signal scope for a climb towards $80.77, a Fibonacci retracement. Clearance of this level would open $83.58, the Jul 5 high. On the downside, the contract has pulled back from its recent high. A stronger sell-off would refocus attention on key support at $71.67, Aug 5 low.

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