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(N1) Fresh Trend High Print

WTI TECHS
  • RES 4: $70.00 - Psychological round number
  • RES 3: $68.39 - 2.236 proj of Mar 23 - 30 - Apr 5 price swing
  • RES 2: $67.95 - High Oct 29, 2018
  • RES 1: $67.52 - High May 28
  • PRICE: $66.85 @ 07:09 BST May 31
  • SUP 1: $63.63/61.56 - Low May 24 / Low May 21
  • SUP 2: $60.55 - Low Apr 22 and key short-term support
  • SUP 3: $58.70 - Low Apr 12
  • SUP 4: $57.63 - Low Apr 5

WTI crude traded higher Friday and confirmed a fresh trend high print of $67.52. This marks a resumption of the underlying uptrend and signals scope for an extension of the uptrend. The focus is on $67.95, Oct 29 2018 high (cont) and $68.39, a Fibonacci projection. On the downside, key support has been defined at $61.56, May 21 low. A break is required to suggest a short-term top and the start of a deeper corrective pullback.

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