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(F1) Bulls Remain In Control

WTI TECHS
  • RES 4: $52.41 - 1.00 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $50.00 - Psychological round number
  • RES 2: $48.07 - 0.764 proj of Apr - Aug rally from the Nov 2 low
  • RES 1: $47.74 - High Dec 10
  • PRICE: $47.49 @ 06:38 GMT Dec 16
  • SUP 1: $45.69 - low Dec 14
  • SUP 2: $44.95 - Low Dec 9 and key support
  • SUP 3: $43.92 - Low Dec 2
  • SUP 4: $43.04 - 50-day EMA

WTI futures are trading near recent highs and remain bullish. The contract resumed its uptrend on Dec 10. The break higher last week maintains the positive price sequence of higher highs and higher lows, with moving average studies also in a bull mode condition. The focus is on $48.07 next, a Fibonacci projection with scope further out for a climb towards the psychological $50.00 handle. Firm support is at $44.95, Dec 9 low.

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