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(G2) Approaching Key Resistance

WTI TECHS
  • RES 4: $85.29 - 1.764 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $83.71 - 1.618 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $82.13 - High Oct 25 and a major resistance
  • RES 1: $81.73 - High Nov 10
  • PRICE: $80.18 @ 07:05 GMT Jan 7
  • SUP 1: $76.73 - Low Jan 6
  • SUP 2: $74.27 - Low Jan 3 and key short-term support
  • SUP 3: $74.00 - 50-day EMA
  • SUP 4: $72.57 - Low Dec 27

WTI futures remain in an uptrend and price continues to climb. The recovery from Monday’s low has resulted in a break of resistance at $77.44, the Dec 29 high and a Fibonacci retracement, 76.4% of the Oct - Dec downleg. The break confirms a resumption of the uptrend and opens $81.72 next, the Nov 10 high ahead of the key resistance at $82.13, Oct 25 high. On the downside, Monday’s low of $74.27 represents a key short-term support.

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