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(H1) Clears $60.00

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: $60.95 - Intraday high
  • PRICE: $60.66 @ 07:12 GMT Feb 15
  • SUP 1: $57.41 - Low Feb 12
  • SUP 2: $55.85 - 20-day EMA
  • SUP 3: $53.94 - High Jan 13 and recent breakout level
  • SUP 4: $51.69 - 50-day EMA

WTI futures maintain a bullish tone and have started the week on a firm note. The contract is trading above $60.00 and further gains are likely. The break higher confirms a resumption of the underlying uptrend and maintains a 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, Friday's low.

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