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- RES 4: $63.17 - 1.618 proj of Apr - Aug rally from the Nov 2 low
- RES 3: $61.11 - 1.500 proj of Apr - Aug rally from the Nov 2 low
- RES 2: $60.00 - Psychological round number
- RES 1: $59.06 - 1.382 proj of Apr - Aug rally from the Nov 2 low
- PRICE: $58.52 @ 06:57 GMT Feb 9
- SUP 1: $56.43 - Low Feb 5
- SUP 2: $55.30 - Low Feb 4
- SUP 3: $53.94 - High Jan 13 and recent breakout level
- SUP 4: $53.67 - 20-day EMA
WTI futures maintain a bullish tone. Last week, futures traded above former resistance at $53.94, Jan 13 high and a bull trigger. The breach of this level confirmed a resumption of the underlying uptrend and paves the way for strength towards $59.06 next, a Fibonacci projection. Further out, sights are set on $60.00. Key trend support remains $51.44, Jan 22 low where a break is required to signal a top. Initial support is at $56.43, Feb 5 low.