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(M4) Corrective Cycle Remains In Play

WTI TECHS
  • RES 4: $91.24 - 2.382 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $90.00 - Psychological round number
  • RES 2: $88.07 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 1: $86.97 - High Apr 12 and the bull trigger
  • PRICE: $73.74 @ 07:09 BST Apr 19
  • SUP 1: $80.64 - 50-day EMA
  • SUP 2: $76.07 - Low Mar 11
  • SUP 3: $71.47 Low Feb 5
  • SUP 4: $70.11 - Low Jan 3

A bull theme in WTI futures remains intact, however, this week’s move lower signals the start of a short-term bearish corrective cycle. The contract has traded through the 20-day EMA and this signals scope for an extension towards the 50-day EMA, at $80.64. A clear break of the 50-day EMA would signal a stronger bearish theme. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.

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