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Chicago Business Barometer™ - Surges to 55.8 in November

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(V3) Northbound

WTI TECHS
Homepage markets-real-time Commodities Energy Bullets Bullet Energy Technical Analysis
  • 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: $88.08 - High Sep 6
  • PRICE: $87.08 @ 07:07 BST Sep 11
  • SUP 1: $82.98/79.76 - 20- and 50-day EMA values
  • SUP 2: $73.60 - Low Jul 17
  • SUP 3: $69.72 - Low Jul 3
  • SUP 4: $66.83 - Low Jun 12 and key support

The uptrend in WTI futures remains intact. The recent break of resistance at $84.16, the Aug 10 high, confirmed a resumption of the uptrend and this maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position, highlighting current positive sentiment. Sights are on the psychological $90.00 handle. On the downside, initial firm support to watch lies at $82.98, the 20-day EMA.

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  • 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: $88.08 - High Sep 6
  • PRICE: $87.08 @ 07:07 BST Sep 11
  • SUP 1: $82.98/79.76 - 20- and 50-day EMA values
  • SUP 2: $73.60 - Low Jul 17
  • SUP 3: $69.72 - Low Jul 3
  • SUP 4: $66.83 - Low Jun 12 and key support

The uptrend in WTI futures remains intact. The recent break of resistance at $84.16, the Aug 10 high, confirmed a resumption of the uptrend and this maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull mode position, highlighting current positive sentiment. Sights are on the psychological $90.00 handle. On the downside, initial firm support to watch lies at $82.98, the 20-day EMA.