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(H2) Corrective Cycle

  • RES 4: $91.58 - 2.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $90.00 - Psychological round number
  • RES 2: $87.47 - 2.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $87.10 - High Jan 20
  • PRICE: $83.93 @ 07:08 GMT Jan 21
  • SUP 1: $82.78/80.55 - Intraday low / Low Jan 12
  • SUP 2: $79.48/77.34 - 20-day EMA / Low Jan 10
  • SUP 3: $76.36/74.01 - 50-day EMA / Low Jan 3
  • SUP 4: $72.22 - Low Dec 27

WTI futures remain in an uptrend, however for now the contract appears to have entered a corrective phase following the pullback from recent highs. The recent break of key resistance at $80.72, Oct 26 high reinforced a bullish theme - the break higher confirmed a resumption of the broader uptrend. The focus is on $87.47, a Fibonacci projection. Firm support is seen at $80.55, the Jan 12 low.

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