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(V3) Rally Exposes Key Resistance

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $86.62 - 1.382 proj of the Jun 28 - Jul 13 - Jul 17 price swing
  • RES 2: $85.24 - 1.236 proj of the Jun 28 - Jul 13 - Jul 17 price swing
  • RES 1: $84.16 - High Aug 10 and the bull trigger
  • PRICE: $83.90 @ 07:13 BST Sep 1
  • SUP 1: $80.43/78.18 - 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 yesterday’s gains reinforce this theme. Price is approaching key resistance at $84.16, the Aug 10 high. A clear break would be bullish and confirm a resumption of the uptrend. This would open $85.24, a Fibonacci projection. On the downside, initial support to watch is $80.43, the 20-day EMA. A break would signal a short-term top and expose the 50-day EMA at $78.18.

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