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(K2) Scope For A Deeper Retracement

  • 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: $105.44 @ 07:03 GMT Mar 29
  • SUP 1: $102.83 - Low Mar 28
  • SUP 2: $96.44/92.20 - 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 however yesterday’s move lower does highlight potential for a deeper retracement. The contract has traded below the 20-day EMA, at $104.82. A clear break would strengthen a bearish case and signal scope for a move towards the 50-day EMA at $96.44. This EMA represents an important pivot level. On the upside, clearance of $116.64 would reinstate recent bullish conditions.

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