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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: $78.40 @ 07:04 GMT Feb 28
  • SUP 1: $75.69/71.49 - 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 Tuesday and the contract is holding on to its gains. The latest bull cycle still appears corrective and key S/T resistance at $79.09, Jan 29 high, remains intact. Clearance of this level would alter the picture and highlight a bullish development, opening $81.70, a Fibonacci retracement. Key support lies at $71.49, Feb 5 low. A breach of this level would reinstate the recent bearish theme. Initial support is at $75.69, the 50-day EMA.

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