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(J2) Corrective Cycle Still In Play

WTI TECHS
  • RES 4: $130.50 - High Mar 7 and the bull trigger
  • RES 3: $126.84 - High Mar 9
  • RES 2: $121.36 - 50.0% of the Mar 9 range
  • RES 1: $115.24 - 50.0% of the Mar 9 range
  • PRICE: $106.30 @ 05:56 GMT Mar 14
  • SUP 1: $102.88 - 20-day EMA
  • SUP 2: $95.32 - Low Mar 1
  • SUP 3: $92.95 - 50-day EMA
  • SUP 4: $90.06 - Low Feb 23 and a key support

WTI futures remain in a clear uptrend despite last week’s sharp sell-off on Mar 9, which signals potential for a deeper short-term pullback. This would allow the recent overbought trend condition to unwind. The next firm area of support is seen at the 20-day EMA, at $102.88. A clear breach of this average would open the 50-day EMA further out at $92.95. On the upside, the key resistance and bull trigger is the Mar 7 high of $130.50.

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