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(M2) Remains Inside The Triangle Formation

WTI TECHS
  • RES 4: $118.13 - High Mar 9
  • RES 3: $113.51/113.90 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 2: $109.20 - High Apr 18
  • RES 1: $105.97/107.99 - Triangle resistance / High Apr 29
  • PRICE: $103.68 @ 06:59 BST May 4
  • SUP 1: $99.80/95.28 - Low Apr 27 / Low Apr 25
  • SUP 2: $92.60 - Low Apr 11 and a key support
  • SUP 3: $90.37 - Low Mar 15 and a bear trigger
  • SUP 4: $86.67 - Low Feb 25

WTI futures remain above the Apr 25 low of $95.28. A triangle pattern has appeared on the daily chart, drawn from the Mar 15 low. This is a bearish pattern and a break of $95.28 would confirm a resumption of weakness and expose $92.60, Apr 11 low, and $90.37, the Mar 15 low and a key bear trigger. Triangle resistance intersects at $105.97 ahead of a key resistance at $109.20, Apr 18 high. A clear breach of these hurdles would be bullish.

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