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WTI TECHS: (G5) Clears Key Resistance

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $80.60 - 3.00 proj of the Nov 18 - 22 - Dec 6 price swing   
  • RES 3: $80.14 - High Apr 12 ‘244 and a key M/T resistance   
  • RES 2: $79.59 - High Jul 5 ‘24 and a key resistance
  • RES 1: $77.90 - High Dec 12  
  • PRICE: $77.15 @ 14:52 GMT Jan 10 
  • SUP 1: $74.02 - Intraday low     
  • SUP 2: $71.57 - 20-day EMA
  • SUP 3: $68.42 - Low Dec 20 
  • SUP 4: $66.71 - Low Dec 6

The trend structure in WTI futures remains bullish and today’s gains reinforce current conditions. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $71.57. This average is seen as a key short-term support.

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  • RES 4: $80.60 - 3.00 proj of the Nov 18 - 22 - Dec 6 price swing   
  • RES 3: $80.14 - High Apr 12 ‘244 and a key M/T resistance   
  • RES 2: $79.59 - High Jul 5 ‘24 and a key resistance
  • RES 1: $77.90 - High Dec 12  
  • PRICE: $77.15 @ 14:52 GMT Jan 10 
  • SUP 1: $74.02 - Intraday low     
  • SUP 2: $71.57 - 20-day EMA
  • SUP 3: $68.42 - Low Dec 20 
  • SUP 4: $66.71 - Low Dec 6

The trend structure in WTI futures remains bullish and today’s gains reinforce current conditions. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $71.57. This average is seen as a key short-term support.