Crude Oil (WTI) (Q3) Intraday: bullish bias above 70.70.
Pivot:
70.70
Our preference:
Long positions above 70.70 with targets at 72.00 & 72.70 in extension.
Alternative scenario:
Below 70.70 look for further downside with 70.20 & 69.70 as targets.
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.