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(G2) Uptrend Intact

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: $78.72 @ 06:59 GMT Jan 11
  • SUP 1: $75.54 - 20-day EMA
  • SUP 2: $74.55/27 - 50-day EMA / Low Jan 3 and key S/T support
  • SUP 3: $72.57 - Low Dec 27
  • SUP 4: $70.80 - Low Dec 22

WTI futures remain in an uptrend. The recovery from the Jan 3 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 confirmed a resumption of the uptrend and has opened $81.73 next, the Nov 10 high ahead of the key resistance at $82.13, Oct 25 high. On the downside, the Jan 3 low of $74.27 represents a key short-term support.

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