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(H3) Bear Threat Still Present

WTI TECHS
  • RES 4: $87.00 - High Nov 14
  • RES 3: $85.33 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
  • RES 2: $83.14 - High Dec 1 and a key resistance
  • RES 1: $80.49/82.66 - High Jan 30 / High Jan 18
  • PRICE: $79.08 @ 07:11 GMT Feb 1
  • SUP 1: $76.53/72.74 - 61.8% of the Jan 5 - 18 bull leg / Low Jan 5
  • SUP 2: $70.56 - Low Dec 9 and the bear trigger
  • SUP 3: $70.00 - Psychological round number
  • SUP 4: $67.44 - 1.236 proj of the Aug 25 - Sep 28 - Nov 7 price swing

WTI futures traded lower Monday and in the process breached support at $78.45, the Jan 19 low. The move lower undermines the recent bull theme and a continuation would signal potential for an extension towards $72.74, the Jan 5 low. On the upside, the bull trigger has been defined at $82.66, the Jan 18 high. A break of this level is required to reinstate the recent bullish theme. Yesterday’s recovery from the day low is considered corrective.

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