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WTI TECHS: (G5) Short-Term Bullish Extension

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $79.59 - High Jul 5  
  • RES 3: $77.41 - High Jul 18
  • RES 2: $74.27/76.41 - High Oct 10 / 8 and the bull trigger
  • RES 1: $71.97 - High Nov 7   
  • PRICE: $70.53 @ 07:41 GMT Dec 30
  • SUP 1: $68.42 - Low Dec 20     
  • SUP 2: $65.57/63.73 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $62.85 - 1.764 proj of the Apr 12 - Jun 5 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures are trading higher today as the contract extends recent gains. A stronger reversal to the upside would refocus attention on key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance is unchanged at $71.97, the Nov 7 high. A breach of this level would be a positive price development. On the downside, a resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support.

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  • RES 4: $79.59 - High Jul 5  
  • RES 3: $77.41 - High Jul 18
  • RES 2: $74.27/76.41 - High Oct 10 / 8 and the bull trigger
  • RES 1: $71.97 - High Nov 7   
  • PRICE: $70.53 @ 07:41 GMT Dec 30
  • SUP 1: $68.42 - Low Dec 20     
  • SUP 2: $65.57/63.73 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $62.85 - 1.764 proj of the Apr 12 - Jun 5 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures are trading higher today as the contract extends recent gains. A stronger reversal to the upside would refocus attention on key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance is unchanged at $71.97, the Nov 7 high. A breach of this level would be a positive price development. On the downside, a resumption of the bear cycle would open $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support.