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(J20) Bounce Considered Corrective *RES...>

WTI TECHS
WTI TECHS: (J20) Bounce Considered Corrective
*RES 4: $52.64 - High Feb 24
*RES 3: $52.02 - High Feb 25
*RES 2: $49.50 - Low Feb 4 and former breakout
*RES 1: $48.66 - High Mar 3
*PRICE: $47.75 @ 06:55 GMT Mar 4
*SUP 1: $43.32 - Low Mar 2
*SUP 2: $42.51 - 150.0% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $40.74 - 161.8% retracement projection of the Oct 3 - Jan 8 rally
*SUP 4: $40.00 - Psychological round number
WTI has rebounded this week. The outlook though remains bearish. Futures
registered a fresh low again Monday. Last week's sell-off resulted in a break of
$49.50, Feb 4 low confirming a resumption of the bear trend. The move lower
reinforces the bearish price sequence of lower lows and lower highs and keeps
bears in control. Attention is on $42.51 next, a Fibonacci retracement
projection. Resistance is $49.50.

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