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(H1) Bullish With $60.00 Cleared

WTI TECHS
  • RES 4: $64.00 - Round number resistance
  • RES 3: $63.17 - 1.618 proj of Apr - Aug rally from the Nov 2 low
  • RES 2: $61.11 - 1.500 proj of Apr - Aug rally from the Nov 2 low
  • RES 1: $60.33 - High Feb 16
  • PRICE: $60.11 @ 06:52 GMT Feb 17
  • SUP 1: $57.41 - Low Feb 12
  • SUP 2: $55.79 - 20-day EMA
  • SUP 3: $53.94 - High Jan 13 and recent breakout level
  • SUP 4: $52.01 - 50-day EMA

WTI futures maintain a bullish tone. The contract is trading above $60.00 and further gains are likely near-term. The recent break higher confirms a resumption of the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $61.11 next, a Fibonacci projection. On the downside, initial support lies at $57.41, the Feb 12 low.

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