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(V1) Bullish Focus

WTI TECHS
  • RES 4: $74.77 - High Jul 7 and the bull trigger
  • RES 3: $73.52 - High Jul 30
  • RES 2: $71.51 - Bear channel top drawn from the Jul 6 high
  • RES 1: $70.74 - 764.% retracement of the Jul 30 - Aug 23 sell-off
  • PRICE: $68.61 @ 07:08 BST Sep 10
  • SUP 1: $67.12/65.41 - Low Aug 25 / Low Aug 24
  • SUP 2: $61.74 - Low Aug 23 and key support
  • SUP 3: $60.81 - 1.236 proj of the Jul 6 - 20 - 30 price swing
  • SUP 4: $60.68 - Low May 21

WTI futures maintain a bullish tone despite a recent pullback. The recovery from the Aug 23 low defined a key short-term support at $61.74, Aug 23 low and a break of this level is required to reinstate a broader bearish theme. Further gains are likely near-term and the focus is on $70.74 next, a Fibonacci retracement. Initial firm support lies at $67.12, Sep 1 low. A break would be seen as an early bearish threat.

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