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(V3) Remains Above Last Week’s Lows

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: $81.75/84.16 - High Aug 21 / 10 and the bull trigger
  • PRICE: $79.98 @ 07:03 BST Aug 29
  • SUP 1: $77.67 - 50-day EMA
  • 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 recent weakness is considered corrective. Last week’s move lower resulted in a print below support at $78.33, the Aug 3 low. A clear break of this level would highlight a stronger bear cycle and pave the way for a deeper retracement. Note that a key support also lies at the 50-day EMA, which intersects at $77.67. Initial resistance to watch is $81.75, a break would be a bullish development.

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