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(H3) Watching Resistance At The 50-Day EMA

WTI TECHS
  • RES 4: $85.33 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
  • RES 3: $83.14 - High Dec 1 and a key resistance
  • RES 2: $80.49/82.66 - High Jan 30 / High Jan 18
  • RES 1: $78.34 - 50-day EMA
  • PRICE: $77.19 @ 07:13 GMT Feb 8
  • SUP 1: $72.25 - Low Feb 6
  • 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 last Friday in WTI futures reinforced bearish conditions. The move lower Monday resulted in a print below $72.74, the Jan 5 low and a key support. A clear break of it would strengthen the bearish theme and expose $70.56, Dec 9 low and a bear trigger. Prices have recovered this week but gains are considered corrective. Initial firm resistance to watch is at $78.34, the 50-day EMA. A break would ease bearish pressure.

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