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(U4) Southbound

WTI TECHS
  • 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: $78.99/83.58 - 20-day EMA / High Jul 5
  • PRICE: $75.42 @ 07:16 BST Jul 30
  • SUP 1: $74.91 - 76.4% retracement of the Jun 4 - Jul 5 bull cycle
  • SUP 2: $72.23 - Low Jun 4 and a key support
  • SUP 3: $70.73 - Low Feb 5
  • SUP 4: $69.16 - Low Dec 13 2023

A bear threat in WTI futures remains present and the contract has traded lower this week. The recent breach of both the 20- and 50-day EMAs, reinforces the bear theme. A continuation lower would open $72.23, the Jun 4 low and the next key support. For bulls, a reversal higher would instead refocus attention on the key resistance points at $83.58, the Jul 5 high, and $84.36, the Apr 12 high.

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