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(J4) Corrective Pullback

WTI TECHS
  • RES 4: $85.75 - High Sep 15 and a key resistance
  • RES 3: $84.66 - High Oct 20
  • RES 2: $81.70 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
  • RES 1: $80.85 - High Mar 1
  • PRICE: $78.22 @ 07:08 GMT Mar 5
  • SUP 1: $79.16/71.49 - 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 in the process, the contract delivered a print above key resistance at $79.09, the Jan 29 high. The clear breach of this hurdle strengthens a bullish theme and highlights potential for a continuation towards $81.70, a Fibonacci retracement. On the downside, support to watch is $76.16, the 50-day EMA. A break would instead signal a possible top. The latest pullback is considered corrective.

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  • RES 4: $85.75 - High Sep 15 and a key resistance
  • RES 3: $84.66 - High Oct 20
  • RES 2: $81.70 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
  • RES 1: $80.85 - High Mar 1
  • PRICE: $78.22 @ 07:08 GMT Mar 5
  • SUP 1: $79.16/71.49 - 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 in the process, the contract delivered a print above key resistance at $79.09, the Jan 29 high. The clear breach of this hurdle strengthens a bullish theme and highlights potential for a continuation towards $81.70, a Fibonacci retracement. On the downside, support to watch is $76.16, the 50-day EMA. A break would instead signal a possible top. The latest pullback is considered corrective.