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(V1) Still Looking For Gains

WTI TECHS
  • RES 4: $71.85 - Bear channel top drawn from the Jul 6 high
  • RES 3: $71.29 - High Aug 3
  • RES 2: $70.74 - 764.% retracement of the Jul 30 - Aug 23 sell-off
  • RES 1: $69.64 - High Aug 30
  • PRICE: $68.26 @ 07:00 BST Sep 2
  • SUP 1: $66.92/65.41 - 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 remain bullish and the contract is holding onto recent gains. The recovery from the Aug 23 low defined a key short-term support at $61.74, Aug 23 low where a break is required to reinstate a bearish theme. Short-term, further gains are likely and the focus is on $70.74, a Fibonacci retracement. On the downside, initial support lies at $66.92, the Aug 25 low. A break would be seen as an initial bearish threat.

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