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(G2) Uptrend Accelerates

WTI TECHS
  • RES 4: $90.43 - 2.236 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $90.00 - Psychological round number
  • RES 2: $87.86 - 2.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $86.00 - Round number resistance
  • PRICE: $85.34 @ 07:08 GMT Jan 18
  • SUP 1: $83.50/81.17 - Intraday low / Low Jan 12
  • SUP 2: $77.85/77.83 - 20-day EMA / Low Jan 10
  • SUP 3: $75.72/74.27 - 50-day EMA / Low Jan 3
  • SUP 4: $72.57 - Low Dec 27

WTI futures remain in an uptrend and the contract has started the week on a firm bullish note. Last week’s rally resulted in a break of key resistance at $82.13, Oct 25 high. This strengthens a bullish case and confirms a resumption of the broader uptrend. Moving average conditions are also in a bull-mode, highlighting the current positive sentiment. The focus is on $87.86, a Fibonacci projection. Firm support is seen at $81.17, the Jan 12 low.

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