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(J20) Recovery Most Likely A Correction...>

WTI TECHS
WTI TECHS: (J20) Recovery Most Likely A Correction
*RES 4: $41.05 - Low Mar 6 and gap high on the daily chart
*RES 3: $36.35 - High Mar 11
*RES 2: $33.87 - High Mar 13
*RES 1: $30.30 - Low Mar 9
*PRICE: $26.33 @ 06:50 GMT Mar 20
*SUP 1: $20.06 - Low Mar 18
*SUP 2: $20.00 - Psychological round number
*SUP 3: $17.94 - 2.382 projection of the Jan 8 Feb 4 decline from Feb 20 high
*SUP 4: $16.11 - 2.500 projection of the Jan 8 Feb 4 decline from Feb 20 high
WTI remains vulnerable despite the recovery off recent lows. The sharp sell-off
Mar 9 and the resumption of the downtrend this week is likely to still weigh on
sentiment. Technical readings continue to highlight a clear bearish picture as
well. The next objective is the psychological $20.00 level and $17.94, a
Fibonacci projection. On the upside, initial resistance is at $30.30. Major
resistance however is at $36.35, Mar 11 high.

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