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Trend Needle Still Points South


German supply and EU Final CPI


(N2) Holding On To The Bulk Of Its Recent Gains


Corrective Pullback Extends

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(K1) Trades Above Resistance

  • 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: $62.27 - Intraday high
  • PRICE: $61.25 @ 06:55 Mar 30
  • SUP 1: $58.32 - Low Mar 26
  • SUP 2: $57.25 - Low Mar 23
  • SUP 3: $55.65 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 4: $53.68 - High Jan 13

WTI futures traded higher yesterday and overnight. The pair has probed resistance at $62.04, Mar 22 high. An extension higher would signal scope for a stronger short-term rally towards $64.88, Mar 18 high and also highlight the potential end of the correction lower between Mar 8 - 23. On the downside, key short-term support lies at $57.25, Mar 23 low. A break of this level would resume the recent bearish pressure.

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