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(K3) Corrective Cycle Remains In Play

WTI TECHS
  • RES 4: $78.17 - High Mar 9
  • RES 3: $75.45 - 50-day EMA
  • RES 2: $72.85 - 20-day EMA
  • RES 1: $71.67 - High Mar 23
  • PRICE: $70.24 @ 07:10 GMT Mar 24
  • SUP 1: $66.90/64.36 - Low Mar 21 / 20 and the bear trigger
  • SUP 2: $62.43 - Low Dec 2 2021 (cont) and a key support
  • SUP 3: $63.19 - 1.764 proj of the Jan 23 - Feb 6 - Mar 7 price swing
  • SUP 4: $58.41 - 2.236 proj of the Jan 23 - Feb 6 - Mar 7 price swing

WTI futures remain in a downtrend and this week’s recovery appears to be a correction. Note that the latest move higher is allowing a recent oversold condition to unwind. Firm resistance is seen at $72.85 the 20-day EMA. Recent weakness confirmed a resumption of the broader downtrend and has paved the way for a move towards $62.43, the Dec 2 2021 low (cont). The bear trigger is $64.36, the Mar 20 low.

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