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Technical Analysis: WTI pulls back from six-week-old ascending channel's resistance

Despite rising to the fresh three-month high during the previous day, WTI fails to extend its run-up as an upward sloping trend channel's resistance, around $60.70 now, drags the energy benchmark on early Wednesday. Prices may now revisit 23.6% Fibonacci retracement of August-September rise, at $60.30, followed by $60.00 round-figure. However, a confluence of 38.2% Fibonacci retracement and 21-day SMA, near $58.40/30, could restrict the black gold's further downside.

Meanwhile, the quote's upside beyond the channel's resistance figure of $60.70 enables it to aim for $62.50 and the September month high surrounding $63.30. If at all bulls dominate beyond $63.30, the yearly tops close to $66.50 will be in the spotlight.

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