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(J20) Bounces, But Downtrend Remains......>

WTI TECHS
WTI TECHS: (J20) Bounces, But Downtrend Remains Intact
*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: $47.03 - High Feb 28
*PRICE: $45.92 @ 07:09 GMT Mar 2
*SUP 1: $43.32 - Intraday low
*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
The WTI downtrend remains intact and fresh trend lows have been registered again
today although, price has recovered from the low. 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. Firm resistance is seen at $49.50.

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