Please note the chart above is continuous front-month Crude, and we are referencing the August contract below.

Crude Oil (August)

Yesterday’s close: Settled at 81.63, up 0.90

WTI Crude Oil futures rebounded well to start the week, responding to a critical area of technical support. Furthermore, the healthy consolidation at and above the psychological $80 mark could be a launchpad for a strong finish to the month, bringing Crude Oil its best month since September. We have two layers of major three-star support at 80.61-80.86 and 80.11-80.36, and we believe a hold above here sets a constructive path for higher prices.

Bias: Bullish/Neutral

Resistance: 81.79**, 82.24-82.35***

Pivot: 81.17-81.40

Support: 80.61-80.86***, 80.11-80.36***, 79.72-79.97**, 78.61-78.94***


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