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(K3) Downtrend Remains Intact

WTI TECHS
  • RES 4: $81.04 - High Mar 7 and a key resistance
  • RES 3: $78.17/80.94 - High Mar 9
  • RES 2: $73.79 - 20-day EMA
  • RES 1: $69.83/72.71 - High Mar 17 / 15
  • PRICE: $67.20 @ 06:47 GMT Mar 21
  • SUP 1: $64.36 - Low Mar 20
  • 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 remains vulnerable and the contract traded to a fresh low Monday before finding some support. Last week’s sell-off resulted in the break of key support at $71.10, the Dec 9 low. The breach confirms a resumption of the medium-term downtrend. Note too that price has also cleared the psychological $70.00 handle. Attention is on $62.43, the Dec 2 2021 low (cont). Initial resistance is at $69.83, Friday’s high.

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