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(K1) Corrective Cycle Still In Play

WTI TECHS
  • RES 4: $67.79 - High Mar 8 and the bull trigger
  • RES 3: $66.44 - High Mar 15
  • RES 2: $64.88 - High Mar 18 and a key near-term resistance
  • RES 1: $62.39 - 20-day EMA
  • PRICE: $60.89 @ 06:47 Mar 23
  • SUP 1: $58.28 - Low Mar 18 and the bear trigger
  • SUP 2: $57.06 - Low Feb 12
  • SUP 3: $55.65 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 4: $53.68 - High Jan 13

WTI futures sold off sharply Mar 18 confirming a corrective cycle. The recent trend condition was overbought and a pullback is allowing this to unwind. The move lower has probed trendline support drawn off the Nov 2, 2020 low and this reinforces the current bearish theme. Price has also tested the 50-day EMA. A clear break of the average would open $55.65, the 38.2% retracement of the Nov 2 - Mar 8 rally. Resistance is at $62.39.

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