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WTI TECHS: (Q19) Double bottom reversal...>

OIL TECHS
OIL TECHS: WTI TECHS: (Q19) Double bottom reversal confirmed, outlook is bullish
*RES 4: $59.80 - May 30 high
*RES 3: $59.19/28 - Double bottom projection and 100-dma
*RES 2: $58.50 - 50% of Apr 23-Jun 5 sell-off
*RES 1: $57.98 - Jun 21 high
*PRICE: $57.75 @ 07:06 BST Jun 24
*SUP 1: $54.99 - High Jun 10
*SUP 2: $53.50 - Low Jun 19
*SUP 3: $50.79 - Low June 5
*SUP 4: $49.54 - 76.4% retracement of Dec-Apr rally
WTI rallied sharply higher last Thursday clearing the important former
resistance at 54.99, the Jun. 10 high. This confirmed a double bottom reversal
on the daily chart and with momentum studies pointing north, the outlook for
bulls look promising this week. Potential is for a climb to the 50% retracement
of the decline from Apr 23 to Jun 5 at $58.50. Note that the double bottom
projection is at $59.19 and represents an objective further out.

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