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(G3) Edging Off Recent Highs

WTI TECHS
  • RES 4: $86.26 - 76.4% retracement of the Nov 11 - Dec 9 low
  • RES 3: $84.10 - High Nov 17
  • RES 2: $83.27 - High Dec 1 and a key resistance
  • RES 1: $81.18 - High Dec 27
  • PRICE: $75.60 @ 09:05 GMT Jan 4
  • SUP 1: $75.15 - Low Dec 29 and a key short-term support
  • SUP 2: $73.40/70.31 - Low Dec 16 / 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

Price action since the turn of year has worked against the bullish short-term trend condition. Key short-term support at $76.79, the Dec 29 low, has given way - which may signal a near-term top. Recent bullish price action resulted in the contract trading above both the 20- and 50-day EMAs, and any resumption of the recovery opens key resistance at $83.27, the Dec 1 high. Clearance of this level, if seen, would strengthen bullish conditions.

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