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(H2) Trend Conditions Remain Bullish

WTI TECHS
  • 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: $86.79 - High Jan 19
  • PRICE: $85.73 @ 06:59 GMT Jan 20
  • SUP 1: $82.93/80.55 - Low Jan 18 / Low Jan 12
  • SUP 2: $78.84/77.34 - 20-day EMA / Low Jan 10
  • SUP 3: $75.98/74.01 - 50-day EMA / Low Jan 3
  • SUP 4: $72.22 - Low Dec 27

WTI futures remain in an uptrend and the contract traded higher again Wednesday. Last week’s rally resulted in a break of key resistance at $80.72, Oct 26 high. This strengthens a bullish case and confirms a resumption of the broader uptrend. Moving average conditions are also in a bull-mode, highlighting the current positive sentiment. The focus is on $87.47, a Fibonacci projection. Firm support is seen at $80.55, the Jan 12 low.

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