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(X1) Remains Below Recent Highs

WTI TECHS
  • RES 4: $80.00 - Psychological round number
  • RES 3: $79.53 - 1.382 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 2: $78.24 - 1.236 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 1: $76.67 - High Sep 28
  • PRICE: $75.06 @ 07:12 BST Oct 1
  • SUP 1: $73.58 - High Jul 6 and recent breakout level
  • SUP 2: $71.61 - Low Sep 21
  • SUP 3: $69.39 - Low Sep 21 and key support
  • SUP 4: $67.35 - Low Sep 9

WTI remains below Tuesday's high of $76.67. Dips are considered corrective and a bullish theme remains intact. The recent break of resistance at $73.58, the Jul 6 high and bull trigger confirmed a resumption of the uptrend. The focus is on $78.24 next, a Fibonacci projection with scope seen for a climb towards the psychological $80.00 level further out. On the downside, firm support is seen at $73.58.

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