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(K3) Bullish Despite The Latest Pullback

  • RES 4: $89.23 - High Aug 25 2022
  • RES 3: $87.48 - High Nov 7 2022
  • RES 2: $85.01 - High Nov 14
  • RES 1: $83.53 - High Apr 12 and the bull trigger
  • PRICE: $81.12 @ 06:56 BST Apr 18
  • SUP 1: $79.00 - Low Apr 3 and gap high on the daily chart
  • SUP 2: $75.72 - High Mar 31 and gap low on the daily chart
  • SUP 3: $72.19 - Low Mar 28
  • SUP 4: $69.13 - Low Mar 27

WTI futures remain in a bull cycle despite the latest pullback. Last week’s gains resulted in a break of resistance at $81.81, the Apr 4 high. This confirmed a resumption of the current uptrend. Note that an important resistance at $83.04, the Jan 23 high, has also been breached. The focus is on $85.01, the Nov 14 high. On the downside, key short-term support is seen at $79.00, the Apr 3 low and the gap high on the daily chart.

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