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(K2) 50-Day EMA Remains Exposed

WTI TECHS
  • RES 4: $126.42 - High Mar 7 and the bull trigger
  • RES 3: $122.73 - High Mar 9
  • RES 2: $118.34 - 76.4% retracement of the Mar 7 - 15 downleg
  • RES 1: $108.75/116.64 -High Mar 30 / High Mar 24 and a bull trigger
  • PRICE: $102.20 @ 07:02 GMT Mar 31
  • SUP 1: $98.44/97.18 - Low Mar 29 / 50-day EMA
  • SUP 2: $92.20 - Low Mar 15 and a bear trigger
  • SUP 3: $88.49 - Low Feb 25
  • SUP 4: $85.81 - Low Feb 18

WTI futures traded lower Tuesday but did find support at the day low. The move lower confirms an extension of the reversal from $116.64, the Mar 24 high. The contract has also breached the 20-day EMA. The clear break strengthens a bearish case and signals scope for a move towards the 50-day EMA at $97.18. This EMA represents an important pivot level. On the upside, clearance of $116.64 would reinstate recent bullish conditions.

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