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(V2) Approaching Key Resistance

WTI TECHS
  • RES 4: $108.07 - High Jun 29
  • RES 3: $105.00 - High Jul 5
  • RES 2: $99.75 - High Jul 29 and key resistance
  • RES 1: $94.17/31 - High Aug 11 / 50-day EMA values
  • PRICE: $93.49 @ 05:51 BST Aug 24
  • SUP 1: $85.37 - Low Aug 16 and the bear trigger
  • SUP 2: $84.10/00 - Low Mar 15 / Round number support
  • SUP 3: $81.88 - Low Feb 25
  • SUP 4: $80.00 - Round number support

WTI futures traded sharply higher Tuesday and this has improved the short-term outlook for bulls. Attention is on resistance at $94.17, Aug 11 high and this hurdle is just below the 50-day EMA, at $94.31. Clearance of these two resistance points would highlight a short-term reversal and signal scope for a climb towards $99.75, the Jul 29 high. On the downside, key support has been defined at $85.37, Aug 16 low. This level is the bear trigger.

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