(U4) Bullish Recovery

• RES 4: $90.00 - Psychological round number
• RES 3: $87.43 - 1.00 proj of the Dec 13 ‘23 - Apr 12 - Jun 4 swing
• RES 2: $84.36 - High Apr 12 and the bull trigger
• RES 1: $83.58 - High Jul 5
• PRICE: $82.04@ 07:26 BST Jul 18
• SUP 1: $79.43 50-day EMA
• SUP 2: $76.95 - Low Jun 13
• SUP 3: $72.23 - Low Jun 4 and a key support
• SUP 4: $70.73 - Low Feb 5

WTI futures initially traded lower this week marking an extension of the corrective cycle. However, the contract has recovered from Tuesday’s low and this signals the end of a corrective phase. Note that support at the 50-day EMA, at $79.43, remains intact. This average represents an important pivot level and a clear break would highlight a stronger reversal. Initial key resistance to watch is $83.58, the Jul 5 high.