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(J4) Bull Cycle Remains In Play

WTI TECHS
  • RES 4: $85.75 - High Sep 15 and a key resistance
  • RES 3: $85.08 - High Sep 28
  • RES 2: $82.61/84.66 - High Oct 27 / 20
  • RES 1: $81.70 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
  • PRICE: $81.46 @ 07:10 GMT Mar 18
  • SUP 1: $77.07/71.49 - 50-day EMA / Low Feb 5
  • SUP 2: $69.79 - Low Jan 3
  • SUP 3: $68.57 - Low Dec 13 and the bear trigger
  • SUP 4: $65.41 - Low Jun 12

WTI futures traded higher last week and this resulted in a break of resistance at $80.85, the Mar 1 high. The move higher confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $81.70 next, a Fibonacci retracement point. A break of this level would open $84.66, the Oct 20 ‘23 high. On the downside, support to watch is $77.07, the 50-day EMA.

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