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WTI TECHS: (U4) Bullish Despite The Latest Pullback 

WTI TECHS
  • RES 4: $84.36 - High Apr 12 and a medium-term bull trigger
  • RES 3: $83.58 - High Jul 5 
  • RES 2: $82.27 - High Jul 18  
  • RES 1: $76.94/80.16 - 20-day EMA / High Aug 12 and key resistance     
  • PRICE: $73.75 @ 06:04 BST Aug 20
  • SUP 1: $71.67 - Low Aug 5 and the bear trigger   
  • SUP 2: $70.73 - Low Feb 5
  • SUP 3: $69.16 - Low Dec 13 2023
  • SUP 4: $67.37 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

WTI futures have been unable to hold on to recent gains and the contract continues to trade lower. The move down undermines a recent bullish theme and this has exposed key support at $71.67, the Aug 5 low and the bear trigger. A break would resume the downtrend that started Apr 12. On the upside, initial resistance to watch is $76.94, the 20-day EMA. Key short-term resistance has been defined at $80.16, the Aug 12 high.

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