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WTI TECHS: (H5) Corrective Cycle

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $83.40 - 76.4% retrace of the Jul 5 - Sep 10 bear leg (cont)    
  • RES 3: $81.26 - 3.382 proj of the Nov 18 - 22 - Dec 6 price swing  
  • RES 2: $80.63 - 3.236 proj of the Nov 18 - 22 - Dec 6 price swing
  • RES 1: $79.48 - High Apr 12 ‘24 and a key resistance   
  • PRICE: $72.62 @ 07:19 GMT Jan 30 
  • SUP 1: $72.23 - 50-day EMA     
  • SUP 2: $68.05 - Low Dec 20
  • SUP 3: $66.55 - Low Dec 6 ‘24
  • SUP 4: $65.80 - Low Oct 29 ‘24 

This week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.23. A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a reversal higher would focus attention on $79.48, the Apr 12 ‘24 high and a key resistance.

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  • RES 4: $83.40 - 76.4% retrace of the Jul 5 - Sep 10 bear leg (cont)    
  • RES 3: $81.26 - 3.382 proj of the Nov 18 - 22 - Dec 6 price swing  
  • RES 2: $80.63 - 3.236 proj of the Nov 18 - 22 - Dec 6 price swing
  • RES 1: $79.48 - High Apr 12 ‘24 and a key resistance   
  • PRICE: $72.62 @ 07:19 GMT Jan 30 
  • SUP 1: $72.23 - 50-day EMA     
  • SUP 2: $68.05 - Low Dec 20
  • SUP 3: $66.55 - Low Dec 6 ‘24
  • SUP 4: $65.80 - Low Oct 29 ‘24 

This week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.23. A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a reversal higher would focus attention on $79.48, the Apr 12 ‘24 high and a key resistance.