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(M3) Correction Lower Extends

WTI TECHS
  • RES 4: $86.40 - High Nov 7 2022
  • RES 3: $85.54 - High Nov 8 2022
  • RES 2: $83.38 - High Apr 12 and the bull trigger
  • RES 1: $81.24 - High Apr 19
  • PRICE: $77.20 @ 07:14 BST Apr 21
  • SUP 1: $75.83 - High Mar 31 and gap low on the daily chart
  • SUP 2: $73.98 - 50.0% retracement of the Mar 20 - Apr 12 rally
  • SUP 3: $72.19 - Low Mar 28
  • SUP 4: $69.13 - Low Mar 27

WTI futures are trading lower this week. This has resulted in a breach of support at $79.04, the Apr 3 low and the gap high on the daily chart. The continuation lower has also resulted in a break of both the 20- and 50-day EMAs. This signals scope for a move to $75.83, the Mar 31 high and a gap low on the daily chart. On the upside, key short-term resistance has been defined at $83.38, the Apr 12 high. A break would resume the recent uptrend.

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