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(K2) Bullish Structure

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: $116.64 - High Mar 24
  • PRICE: $112.24 @ 07:11 GMT Mar 25
  • SUP 1: $103.74 - 20-day EMA
  • SUP 2: $95.33/92.20 - 50-day EMA / Low Mar 15
  • SUP 3: $88.49 - Low Feb 25
  • SUP 4: $85.81 - Low Feb 18

WTI futures remain in an uptrend following recent gains and the strong reversal from $92.20, the Mar 15 low. The recent climb means the 50-day EMA, at $95.33 today, remains intact and that this average still represents a key near-term support. A continuation higher would open 118.34, a Fibonacci retracement level. On the downside, a breach of the 50-day EMA would instead reinstate the recent bearish theme.

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