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(J3) Tests A Key Medium-Term Support

WTI TECHS
  • RES 4: $86.05 - High Feb 14
  • RES 3: $82.89 - High Jan 23 and a key resistance
  • RES 2: $78.06/80.94 - High Mar 9 / 7 and key resistance
  • RES 1: $74.90 - High Mar 13
  • PRICE: $72.25 @ 07:11 GMT Mar 15
  • SUP 1: $70.86/78 - Low Dec 9 and the bear trigger / Low Mar 13
  • SUP 2: $70.00 - Psychological round number
  • SUP 3: $66.04 - Low Dec 20 2021 (cont)
  • SUP 4: $65.60 - Low Dec 3 2021 (cont)

WTI futures remain vulnerable and yesterday’s strong sell-off reinforces the current bearish theme. The contract has tested key support at $70.86, the Dec 9 low. A clear break of this level would highlight an important bearish development and confirm a resumption of the medium-term downtrend. This would open the psychological $70.00 handle and levels below it. Initial firm resistance is at $78.06, the Mar 9 high.

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