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(J4) Monitoring Key Resistance

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: $79.09 - High Jan 29 and key resistance
  • PRICE: $77.74 @ 07:03 GMT Feb 27
  • SUP 1: $75.56/71.49 - 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

Recent gains in WTI futures still appear corrective at these levels and key short-term resistance at $79.09, the Jan 29 high, remains intact. Clearance of this level would alter the picture and highlight a bullish development. A break would open $81.70, a Fibonacci retracement. Support to watch lies at $71.49, the Feb 5 low. A break of this level would reinstate the recent bearish theme and pave the way for a move towards $69.79, the Jan 3 low.

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