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(H2) Bulls Still In Control

WTI TECHS
  • RES 4: $92.85 - 2.50 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $91.58 - 2.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $90.00 - Psychological round number
  • RES 1: $88.84 - High Jan 28
  • PRICE: $87.84@ 07:07 GMT Jan 31
  • SUP 1: $85.01 - Low Jan 26
  • SUP 2: $82.41/81.90 - 20-day EMA / Low Jan 24
  • SUP 3: $78.39/77.34 - 50-day EMA / Low Jan 10
  • SUP 4: $74.01 - Low Jan 3

The uptrend in WTI futures resumed last week following the break of resistance at $87.10, Jan 20 high. This maintains the bullish price sequence of higher or higher highs and higher lows and moving average conditions remain in a bull mode. Attention is on the psychological $90.00 handle next as price continues to climb. On the downside, key short-term support has been defined at $81.90, the Jan 24 low.

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