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(H20) Downtrend Still Intact *RES 4:......>

WTI TECHS
WTI TECHS: (H20) Downtrend Still Intact
*RES 4: $55.95 - High Jan 24l
*RES 3: $54.37 - High Jan 29 and key near-term resistance
*RES 2: $53.36 - High Jan 31
*RES 1: $52.20 - High Feb 6 and bull trigger
*PRICE: $50.24 @ 06:56 GMT Feb 11
*SUP 1: $49.31 - Low Feb 4 and key bear trigger
*SUP 2: $46.59 - 123.6% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $44.37 - 138.2% retracement projection of the Oct 3 - Jan 8 rally
*SUP 4: $42.57 - 150.0% retracement projection of the Oct 3 - Jan 8 rally
WTI last week bounced off the Feb 4 low of $49.31. The recent focus has been on
whether a correction is about to unfold. Whether this occurs will depend on
resistance at $52.20. If cleared, the evidence would point towards S/T base
building. For now though the underlying bearish trend remains intact. Key
support has been defined at $49.31. A break would confirm a resumption of the
recent sell-off and open $46.59, a Fibonacci retracement projection level.

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