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WTI TECHS: (N19) Possible double..........>

OIL TECHS
OIL TECHS: WTI TECHS: (N19) Possible double bottom?
*RES 4: $60.66 - M/T Pivot Point
*RES 3: $59.10 - 100-dma
*RES 2: $58.52 - 50% of Apr-May fall
*RES 1: $57.33 - Low May 23
*PRICE: $55.34 @ 08:11 BST Jun 19
*SUP 1: $51.50 - Low Jun 18
*SUP 2: $50.60 - Low June 5
*SUP 3: $49.45 - 76.4% retracement of Dec-Apr rally
*SUP 4: $48.39 - High Dec 26
WTI has been leading the way technically among the oil-based futures recently.
This week's strong rally has brought back into focus the key resistance at
$54.84 which has given way this morning. Technical signals such as the bullish
momentum and a possible developing double bottom pattern are starting to gain
traction. These reinforce the relative importance of $54.84 and is a risk
parameter for bears.

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