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Resend: (J2) Resumes Its Uptrend

WTI TECHS
  • RES 4: $100.44 - 3.236 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $100.00 - Psychological barrier
  • RES 2: $97.91 - 3.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $97.18 - Intraday high
  • PRICE: $96.75 @ 05:34 GMT Feb 24
  • SUP 1: $90.64 - Low Feb 23
  • SUP 2: $87.46 - Low Feb 18 and a key support
  • SUP 3: $84.92 - Low Feb 1
  • SUP 4: $83.73 - 50-day EMA

WTI futures have traded higher again today and confirmed a resumption of the underlying uptrend. Furthermore, the move higher confirms an extension of the bullish price sequence of higher highs and higher lows. Attention is on $97.91 next, a Fibonacci projection and the contract is closing in on the key psychological $100.00 handle. On the downside, initial support is seen at $90.64, Wednesday’s low.

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