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(V1) Heading North

WTI TECHS
  • RES 4: $71.29 - High Aug 3
  • RES 3: $70.74 - 764.% retracement of the Jul 30 - Aug 23 sell-off
  • RES 2: $69.39 - High Aug 12 and key near-term resistance
  • RES 1: $68.54 - High Aug 25
  • PRICE: $68.40 @ 06:47 BST Aug 27
  • SUP 1: $66.92/65.41 - Low Aug 25 / Low Aug 24
  • SUP 2: $61.74 - Low Aug 23
  • SUP 3: $60.81 - 1.236 proj of the Jul 6 - 20 - 30 price swing
  • SUP 4:$60.68 - Low May 21

WTI futures have rallied this week and remain firm. The recovery from Monday's low has defined a key short-term support at $61.74, Aug 23 low where a break is required to reinstate a bearish theme. Short-term, the outlook appears bullish and Monday's price pattern was a bullish engulfing candle, highlighting a reversal. The contract has traded above the 50-day EMA. This opens $69.39, Aug 12 high.

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