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(H3) Watching Resistance

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: $82.66 - High Jan 18
  • PRICE: $80.38 @ 07:08 GMT Jan 26
  • SUP 1: $78.45/72.74 - Low Jan 19 / 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 higher Monday but the contract has pulled back from its recent highs. Key short-term resistance is located at $82.66, the Jan 18 high. Clearance of this hurdle would reinstate the recent bullish theme and expose $83.14, the Dec 1 high and $85.33, a Fibonacci retracement. On the downside, the support to watch lies at $78.45, the Jan 19 low. A break of this level would signal a potential reversal.

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