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(G2) Trend Needle Points North

WTI TECHS
  • RES 4: $81.73 - High Nov 10
  • RES 3: $79.40 - High Nov 16
  • RES 2: $78.59 - High N0v 24
  • RES 1: $77.44 - 76.4% retracement of the Oct - Dec downleg
  • PRICE: $76.18 @ 11:28 GMT Dec 31
  • SUP 1: $74.27 - Low Jan 3 and key short-term support
  • SUP 2: $73.72 - 50-day EMA
  • SUP 3: $72.57 - Low Dec 27
  • SUP 4: $70.80 - Low Dec 22

WTI futures are holding the sizeable Dec27 rally and remain in an uptrend. Recent weakness is considered corrective. Yesterday’s low of $74.27 represents a key short-term support. Attention is on resistance at $77.44, the Dec 29 high and a Fibonacci retracement. A break would confirm a resumption of the uptrend and open $78.59, Nov 24 high. On the downside, a break of $74.27 would instead suggest scope for a deeper pullback.

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