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(M2) Watching Resistance

WTI TECHS
  • RES 4: $119.95 - High Mar 8
  • RES 3: $118.13 - High Mar 9
  • RES 2: $113.51/113.90 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 1: $111.37 - High May 5
  • PRICE: $107.48 @ 07:02 BST May 13
  • SUP 1: $100.68/98.20 - 50-day EMA / Low May 11
  • SUP 2: $95.28 - Low Apr 25 and a key near-term support
  • SUP 3: $92.60 - Low Apr 11 and a key support
  • SUP 4: $90.37 - Low Mar 15 and a bear trigger

A bearish threat in WTI futures remains present, despite the recovery from Wednesday’s low of $98.20. Key short-term resistance has been defined at $111.37, the May 5 high where a break is required to reinstate a bullish theme. This would open $113.51, the Mar 24 high. On the downside, the support to watch lies at $98.20. A break of this level would strengthen bearish conditions.

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