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(H2) Dips Still Considered Corrective For Now

WTI TECHS
  • RES 4: $100.78 - 3.236 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $100.00 - Key psychological barrier
  • RES 2: $98.24 - 3.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $95.82 - High Feb 14
  • PRICE: $91.21 @ 09:16 GMT Feb 21
  • SUP 1: $88.41 - Feb 9 low and key short-term support
  • SUP 2: $86.34 - Low Jan 31
  • SUP 3: $82.79 - 50-day EMA
  • SUP 4: $81.90 - Low Jan 24

WTI futures dips remain corrective in nature for now, with the broader outlook still bullish. Recent gains confirmed a resumption of the bullish price sequence of higher highs and higher lows. Note too that corrections remain shallow and this both highlights and reinforces underlying bullish sentiment. The focus is on $98.24 next, a Fibonacci projection. On the downside, key short-term support to watch is at $88.41, the Feb 9 low.

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