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(G2) Clears Key Short-Term Resistance

OIL TECHS
  • RES 4: $82.13 - High Oct 25 and a major resistance
  • RES 3: $81.73 - High Nov 10
  • RES 2: $79.40 - High Nov 16
  • RES 1: $78.59 - High Nov 24
  • PRICE: $77.30 @ 07:08 GMT Jan 6
  • SUP 1: $74.27 - Low Jan 3 and key short-term support
  • SUP 2: $74.00 - 50-day EMA
  • SUP 3: $72.57 - Low Dec 27
  • SUP 4: $70.80 - Low Dec 22

WTI futures remain in an uptrend. 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 breach confirms a resumption of the uptrend and open $78.59, Nov 24 high. On the downside, Monday’s low of $74.27 represents a key short-term support. A break would instead suggest scope for a deeper pullback.

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