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(K4) Impulsive Bull Cycle Extends

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $89.08 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 2: $87.01 - 1.764 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 1: $86.20 - High Apr 3
  • PRICE: $85.60 @ 07:06 GMT Apr 4
  • SUP 1: $81.46 - 20-day EMA
  • SUP 2: $78.99/75.50 - 50-day EMA / Low Feb 26
  • SUP 3: $71.52 Low Feb 5
  • SUP 4: $70.02 - Low Jan 3

A bull theme in WTI futures remains intact and this week’s rally reinforces current conditions and confirms a resumption of the uptrend. The contract has traded through $84.87, the Sep 15 ‘23 high, paving the way for a climb towards the $90.00 handle further out. The next objective is $87.01, a Fibonacci projection. On the downside, initial firm support to watch lies at $81.46, the 20-day EMA.

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