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(J2) Has Probed The $100.00 Handle

WTI TECHS
  • RES 4: $105.25 - High Jul 22, 2014 (cont)
  • RES 3: $103.28 - 3.50 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $102.01 - 3.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $100.54 - High Feb 24
  • PRICE: $94.60 @ 06:56 GMT Feb 25
  • SUP 1: $94.95/90.64 - High Feb 22 / Low Feb 23
  • SUP 2: $87.46 - Low Feb 18 and a key support
  • SUP 3: $84.92 - Low Feb 1
  • SUP 4: $84.08 - 50-day EMA

WTI futures traded higher again Thursday and confirmed a resumption of the underlying uptrend and an extension of the bullish price sequence of higher highs and higher lows. The $100.00 level has been probed and a clear breach of this psychological barrier would strengthen current trend conditions. This would open 102.01 next, a Fibonacci projection. On the downside, initial support is seen at $90.64, Wednesday’s low.

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