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EURUSD TECHS

Bearish Threat Remains, Despite Intraday Rally

COMMODITIES

Gold Bumped to New Multi-Month Highs

BRAZIL

BRL Hedging Volumes Surge Post-BCB

EQUITIES

Stocks Mixed as Bluechips Gain, Tech Lags

(G1) Bullish Focus

WTI TECHS
  • RES 4: $58.84 - 1.382 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $56.27 - 1.236 proj of Apr - Aug rally from the Nov 2 low
  • RES 2: $54.50 - High Feb 20, 2020 and a key resistance (cont)
  • RES 1: $53.93 - High Jan 13
  • PRICE: $51.91 @ 05:31 GMT Jan 18
  • SUP 1: $51.50 Low Jan 11
  • SUP 2: $50.39/49.43 - Low Jan 7 / High Dec 18
  • SUP 3: $50.36 - 20-day EMA
  • SUP 4: $47.18 - Low Jan 4

WTI futures remain bullish. This week's gains reinforces the uptrend and maintains a bullish price sequence of higher highs and higher lows. A positive theme follows the break on Jan 5 of $49.43, Dec 18 high. This confirmed a resumption of the underlying uptrend. Scope is seen for a climb towards $54.50 next, Feb 20, 2020 high (cont). On the downside, initial support lies at $51.50.

MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com