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(J2) Needle Still Points North

  • RES 4: $140.00 - Psychological round number
  • RES 3: $135.61 - 3.764 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 2: $132.75 - 3.618 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 1: $130.50 - High MAr 7
  • PRICE: $122.70 @ 07:11 GMT Mar 8
  • SUP 1: $115.54 - Low Mar 7
  • SUP 2: $105.18 - Low Mar 2
  • SUP 3: $95.32 - Low Mar 1
  • SUP 4: $90.06 - Low Feb 23 and a key support

WTI futures remain in a clear uptrend despite the pullback from yesterday’s session high. Fresh cycle highs reinforce the current trend direction and mark an extension of the underlying bullish sequence of higher highs and higher lows. Moving average studies also point north, highlighting current sentiment. The focus is on $132.75, a Fibonacci projection. On the downside, initial support lies at Monday’s intraday low of $115.54.

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