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(U2) Bounce Accelerates


Little Changed Overnight, Wider Inputs Eyed


A$ Outperforms


(U2) More Stable But Still Fragile Longer Term

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(M1) Tests The 50-Day EMA

  • RES 4: $70.00 - Psychological round number
  • RES 3: $67.95 - High Oct 29, 2018
  • RES 2: $67.29 - High Mar 8 and the bull trigger
  • RES 1: $65.35/67.01 - High May 19 / High May 18
  • PRICE: $63.72 @ 06:37 BST May 20
  • SUP 1: $61.95 - Low May 19
  • SUP 2: $60.61 - Low Apr 22 and key short-term support
  • SUP 3: $58.77 - Low Apr 12
  • SUP 4: $57.68 - Low Apr 5

WTI crude has entered a corrective phase and faced selling pressure Wednesday. Price action traded through support at $63.09, May 13 low. This also resulted in a test of the 50-day EMA that has provided support. The EMA intersects at $62.47. Yesterday's low of $61.95 marks a key pivot support. A break would signal scope for a deeper pullback and expose $60.61, Apr 22 low. The key resistance zone is at $67.01/29.

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