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(G1) Bullish Theme Intact

  • 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: $52.30 @ 06:56 GMT Jan 19
  • SUP 1: $51.50 Low Jan 11
  • SUP 2: $50.39/20 - Low Jan 7 / 20-day EMA
  • SUP 3: $49.43 - High Dec 18
  • SUP 4: $47.18 - Low Jan 4

WTI futures remain bullish. Last week's gains reinforce the uptrend and maintain 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. A break would signal the start of a corrective pullback.

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