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(J2) Positive Short-Term Tone Remains Intact

WTI TECHS
  • RES 4: $130.50 - High Mar 7 and the bull trigger
  • RES 3: $121.78 - 76.4% retracement of the Mar 7 - 15 downleg
  • RES 2: $116.38 - 61.8% retracement of the Mar 7 - 15 downleg
  • RES 1: $115.01 - Intraday high
  • PRICE: $114.40 @ 06:55 GMT Mar 22
  • SUP 1: $102.97 - 20-day EMA
  • SUP 2: $95.02/93.53 - Low Mar 15 / 50-day EMA
  • SUP 3: $90.06 - Low Feb 23 and a key support
  • SUP 4: $87.46 - Low Feb 18

WTI futures continue to climb and extend the recovery from last Tuesday’s low of $93.53. The move higher means the 50-day EMA, at $95.02 today, remains intact and that this average also provided a firm short-term support. A continuation higher would open 116.38 and 121.78, Fibonacci retracement levels. On the downside, a breach of the 50-day EMA would instead reinstate the recent bearish theme.

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