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(N2) Bull Trend Extends

WTI TECHS
  • RES 4: $120.00 - Psychological round number
  • RES 3: $116.43 - High Mar 7 and the trend high
  • RES 2: $115.04 - High Mar 8
  • RES 1: $114.83 - Intraday high
  • PRICE: $113.86 @ 07:51 BST May 27
  • SUP 1: $107.54/103.24 - Low May 26 / Low May 19
  • SUP 2: $102.33/96.93 - 50-day EMA / Low May 11 and key S/T level
  • SUP 3: $94.47 - Low Apr 25
  • SUP 4: $92.15 - Low Apr 11 and a key support

WTI futures traded higher Thursday to confirm a resumption of the current bull cycle. The break higher paves the way for a climb towards 116.43, the Mar 7 contract high and the bull trigger. A break of this level would confirm a resumption of the primary uptrend and clear the way for a test of the psychological $120.00 handle. On the downside, the firm short-term support to watch is at $103.24, May 19 low.

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