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Free Access(V2) Bearish Engulfing Candle Still In Play
- 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: $94.22/97.66 - 50-day EMA / High Aug 30
- PRICE: $88.98 @ 07:05 BST Sep 1
- SUP 1: $88.27 - Low Aug 31
- SUP 2: $85.37 - Low Aug 16 and the bear trigger
- SUP 3: $84.10/00 - Low Mar 15 / Round number support
- SUP 4: $81.88 - Low Feb 25
WTI futures reversed course Tuesday and the sharp sell-off threatens the recent bullish theme. A strong reversal pattern has appeared on the daily chart - a bearish engulfing candle on Tuesday. If correct, this pattern suggests potential for a strong sell-off near-term that exposes key support at $85.37, the Aug 16 low. Firm resistance has been defined at $97.66, Tuesday’s high, where a break is required to resume bullish activity.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.