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(G3) Corrective Bounce Still In Play

WTI TECHS
  • RES 4: $84.10 - High Nov 17
  • RES 3: $83.27 - High Dec 1 and a key resistance
  • RES 2: $81.50 - High Jan 3 and the bull trigger
  • RES 1: $80.22 - Intraday high
  • PRICE: $79.22 @ 07:04 GMT Jan 16
  • SUP 1: $76.96/72.46 - 20-day EMA / Low Jan 5
  • SUP 2: $70.31 - Low Dec 9 and the bear trigger
  • SUP 3: $68.19 - 1.236 proj of the Aug 30 - Sep 28 - Nov 7 price swing
  • SUP 4: $65.47 - 1.382 proj of the Aug 30 - Sep 28 - Nov 7 price swing

WTI futures traded higher last week and a short-term bull theme remains intact. A continuation higher would signal scope for a test of resistance at $81.50, the Jan 3 high and a bull trigger. Clearance of this hurdle is required to strengthen a bullish theme. The broader trend outlook still appears bearish. A reversal lower would expose the bear trigger that has been defined at $70.31, the Dec 9 low.

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