(V3) Northbound

• RES 4: $94.66 - 2.236 proj of the Jun 28 - Jul 13 - Jul 17 price swing
• RES 3: $92.17 - High Nov 8 2022 (cont)
• RES 2: $90.00 - Psychological round number
• RES 1: $86.62 - 1.382 proj of the Jun 28 - Jul 13 - Jul 17 price swing
• PRICE: $85.81 @ 07:05 BST Sep 5
• SUP 1: $80.91/78.47 - 20- and 50-day EMA values
• SUP 2: $73.60 - Low Jul 17
• SUP 3: $6972 - Low Jul 3
• SUP 4: $66.83 - Low Jun 12 and key support

The uptrend in WTI futures remains intact and last Friday’s gains reinforce this theme. Key resistance at $84.16, the Aug 10 high, has been cleared. The clear break confirms a resumption of the uptrend and has opened $86.62, a Fibonacci projection point. On the downside, initial support to watch is $80.91, the 20-day EMA. A break would signal a short-term top and expose the 50-day EMA at $78.47.