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WTI TECHS: (J5) Heading South

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $80.07 - 3.236 proj of the Nov 18 - 22 - Dec 6 price swing    
  • RES 3: $79.07 - 3.000 proj of the Nov 18 - 22 - Dec 6 price swing 
  • RES 2: $77.86 - High Jan 15 and the bull trigger
  • RES 1: $71.38/74.06 - 50-day EMA / High Feb 3 and a key resistance  
  • PRICE: $68.64 @ 07:22 GMT Feb 27
  • SUP 1: $6836 - Low Feb 26
  • SUP 2: $67.75 - Low Dec 20 ‘24
  • SUP 3: $66.41 - Low Dec 6 ‘24
  • SUP 4: $65.41 - Low Oct 29 ‘24 and a key support  

A bearish theme in WTI futures remains intact and this week’s sell-off reinforces current conditions. The move lower has resulted in a clear breach of support at $70.20, the Feb 6 low. This confirms a resumption of the downtrend that started on Jan 15 and paves the way for an extension towards $67.75, the Dec 20 ‘24 low. Key short-term resistance has been defined at $74.06, the Feb 3 high.

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  • RES 4: $80.07 - 3.236 proj of the Nov 18 - 22 - Dec 6 price swing    
  • RES 3: $79.07 - 3.000 proj of the Nov 18 - 22 - Dec 6 price swing 
  • RES 2: $77.86 - High Jan 15 and the bull trigger
  • RES 1: $71.38/74.06 - 50-day EMA / High Feb 3 and a key resistance  
  • PRICE: $68.64 @ 07:22 GMT Feb 27
  • SUP 1: $6836 - Low Feb 26
  • SUP 2: $67.75 - Low Dec 20 ‘24
  • SUP 3: $66.41 - Low Dec 6 ‘24
  • SUP 4: $65.41 - Low Oct 29 ‘24 and a key support  

A bearish theme in WTI futures remains intact and this week’s sell-off reinforces current conditions. The move lower has resulted in a clear breach of support at $70.20, the Feb 6 low. This confirms a resumption of the downtrend that started on Jan 15 and paves the way for an extension towards $67.75, the Dec 20 ‘24 low. Key short-term resistance has been defined at $74.06, the Feb 3 high.