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WTI TECHS: (N19) Double bottom reversal...>

OIL TECHS
OIL TECHS: WTI TECHS: (N19) Double bottom reversal confirmed
*RES 4: $60.66 - M/T Pivot Point
*RES 3: $59.08 - 100-dma and double bottom projection
*RES 2: $58.52 - 50% of Apr-Jun fall
*RES 1: $57.79 - Intraday high
*PRICE: $56.93 @ 08:02 BST Jun 21
*SUP 1: $54.84 - High Jun 10
*SUP 2: $51.50 - Low Jun 18
*SUP 3: $50.60 - Low June 5
*SUP 4: $49.45 - 76.4% retracement of Dec-Apr rally
WTI rallied sharply higher yesterday clearing the important former resistance at
54.84, the Jun 10 high. This has confirmed a double bottom reversal on the
charts and with momentum studies pointing north, the outlook for bulls look
promising. Potential is for a climb to the 50% retracement of the decline from
Apr 24 to Jun 5 at $58.52. Note that the bottom projection is at $59.08 and
represents an objective further out.

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