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(M4) Short-Term Structure Remains Bearish

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $88.07 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 2: $84.46/86.97 - High Apr 26 / 12 and the bull trigger
  • RES 1: $81.22 - 20-day EMA
  • PRICE: $79.37 @ 07:12 BST May 9
  • SUP 1: $76.89 - Low May 8
  • SUP 2: $76.07 - Low Mar 11
  • SUP 3: $73.30 - 76.4% retracement of the Dec 13 - Apr 12 bull leg
  • SUP 4: $71.47 - Low Feb 5

A bearish theme in WTI futures remains intact and the contract traded to a fresh short-term cycle low yesterday. Gains are considered corrective. Price has recently breached the 50-day EMA, strengthening a short-term bearish theme that highlights potential for a deeper correction. Scope is seen for a move to $76.07, Mar 11 low. Key resistance and the bull trigger is at $86.97, the Apr 12 high. Initial firm resistance is at $84.46, the Apr 26 high.

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