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(H1) Underlying Uptrend Remains Intact

  • RES 4: $56.52 - 1.236 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $55.00 - Round number resistance
  • RES 2: $54.50 - High Feb 20, 2020 and a key resistance (cont)
  • RES 1: $53.94 - High Jan 13 and the bull trigger
  • PRICE: $52.38 @ 06:54 GMT Jan 23
  • SUP 1: $51.44 Low Jan 22
  • SUP 2: $51.14/50.86 - 20-day EMA / Low Jan 8
  • SUP 3: $49.52 - High Dec 18
  • SUP 4: $47.31 - Low Jan 4

WTI futures outlook remains bullish. Recent gains reinforce this theme and maintain a bullish price sequence of higher highs and higher lows. A positive theme also follows the break on Jan 5 of $49.52, Dec 18 high. This confirmed a resumption of the uptrend. Scope is seen for a climb towards $54.50 next, Feb 20, 2020 high (cont). On the downside, initial support to watch lies at $51.44, Friday's low. A clear break would signal the start of a correction.

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