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(H3) Bearish Focus

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: $75.70 @ 07:01 GMT Feb 3
  • SUP 1: $74.97/72.74 - Low Feb 2 / 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

A sharp sell-off on Wednesday and weakness Thursday in WTI futures has reinforced current bearish conditions. The contract has breached support at $78.45 this week, the Jan 19 low. The move lower undermines the recent bull theme and a continuation would signal potential for an extension to $72.74, the Jan 5 low. On the upside, the bull trigger has been defined at $82.66, Jan 18 high. A break of this level is required to reinstate the recent bullish theme.

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