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(J3) Bull Cycle Extends

  • RES 4: $86.05 - High Feb 14
  • RES 3: $85.00 - Round number resistance
  • RES 2: $82.89 - High Jan 23 and a key resistance
  • RES 1: $80.94 - Intraday high
  • PRICE: $80.54 @ 07:05 GMT Mar 7
  • SUP 1: $75.83 - Low Mar 3
  • SUP 2: $73.80 - Low Feb 22 and key short-term support
  • SUP 3: $72.64 - Low Feb 6
  • SUP 4: $70.86 - Low Dec 9 and the bear trigger

WTI futures remain bullish following last week’s appreciation and the contract started this week on a positive note. Price is through resistance at the 50-day EMA which intersects at $78.09 today. The breach reinforces short-term bullish conditions and paves the way for a climb towards $82.89, the Jan 23 high and a key resistance. On the downside, a breach of support at $73.80 is required to reinstate the recent bearish theme. First support is at $75.83.

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