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- RES 4: $65.66 - 1.764 proj of Apr - Aug rally from the Nov 2 low
- RES 3: $64.00 - Round number resistance
- RES 2: $63.85 - 5.0% 10-dma Envelope
- RES 1: $63.81 - High Feb 24
- PRICE: $63.12 @ 18:19 Feb 25
- SUP 1: $58.59 - Low Feb 19
- SUP 2: $57.31 - Low Feb 12
- SUP 3: $56.63 - 20-day EMA
- SUP 4: $54.94 - Bull channel base drawn off the Nov 2, 2020 low
The uptrend regathered momentum Thursday, helping WTI hit new cycle highs of $63.81 in the process, but paused thereafter. Nonetheless, WTI futures have resumed their rally to maintain the bullish price sequence of higher highs and higher lows. The focus is on $64.00 next, psychological resistance. On the downside, the near-term firm support lies at $57.31, the Feb 12 low. Initial support is at $58.59, Friday's low.