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(V2) Key Support Still Exposed

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: $93.48/97.66 - 50-day EMA / High Aug 30
  • PRICE: $88.72 @ 06:58 BST Sep 6
  • SUP 1: $85.98 - Low Sep 1
  • 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

A bearish threat in WTI futures remains present following last week’s sharp sell-off. A strong reversal pattern appeared on the daily chart - a bearish engulfing candle on Aug 30. This pattern suggests potential for a stronger sell-off near-term that initially exposes key support at $85.37, the Aug 16 low and a bear trigger. Firm resistance has been defined at $97.66, Aug 30 high, where a break is required to resume bullish activity.

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