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(H4) Pullback Undermines Recent Bullish Theme

WTI TECHS
  • RES 4: $86.68 - High Sep 19 and a key resistance
  • RES 3: $85.71 - High Oct 20
  • RES 2: $82.34 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
  • RES 1: $79.29 - High Jan 29 and a key short-term resistance
  • PRICE: $74.11 @ 07:00 GMT Feb 02
  • SUP 1: $70.62 - Low Jan 17
  • SUP 2: $69.56 - Low Jan 3
  • SUP 3: $68.28 - Low Dec 13 and the bear trigger
  • SUP 4: $65.63 - Low Jun 12

WTI futures are trading just above this week’s low print of $73.70 (Feb 1). The sharp reversal undermines the recent bullish theme. A continuation lower would expose support at $70.62, the Jan 17 low, and $69.56, the Jan 3 low. For bulls, a reversal higher would refocus attention on the key short-term resistance at $79.29, Jan 29 high. A break of this level is required to reinstate a bullish theme.

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