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(M2) Triangle Highlights Bearish Threat

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: $106.78 - Triangle resistance drawn from the Mar 15 low
  • PRICE: $105.84 @ 07:57 BST Apr 29
  • SUP 1: $99.80/95.28 - Low Apr 27Low 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 continue to recover from Monday’s low of $95.28. A triangle pattern has appeared on the daily chart. 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 $106.78 ahead of a key resistance at $109.20, Apr 18 high. Clearance of these hurdles would be seen as a bullish development.

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