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(H2) Trend Condition Remains Bullish

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 and the bull trigger
  • PRICE: $94.67 @ 07:59 GMT Feb 22
  • SUP 1: $88.41 - Feb 9 low and key short-term support
  • SUP 2: $86.34 - Low Jan 31
  • SUP 3: $84.17 - 50-day EMA
  • SUP 4: $81.90 - Low Jan 24

Recent WTI futures dips appear corrective in nature and the broader outlook is 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. $95.82, the Feb 14 high marks the bull trigger. Key short-term support is at $88.41, the Feb 9 low.

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