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(H4) Resistance Remains Exposed

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: $79.56 - High Nov 30 and a key short-term resistance
  • PRICE: $77.01 @ 07:10 GMT Jan 30
  • SUP 1: $74.63/70.62 - 50-day EMA / 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 traded higher last week. The contract has breached resistance at $76.31, the Dec 26 high. The clear break of this hurdle undermines the recent bearish theme and highlights a stronger short-term bullish condition. A continuation higher would signal scope for a climb towards $79.56, the Nov 30 high. On the downside, initial key support lies at $74.55, the 50-day EMA. Monday’s move lower appears - for now - to be a correction.

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