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Short-Term Trend Structure Remains Bullish

  • RES 4: $126.42 - High Mar 7 and the bull trigger
  • RES 3: $122.73 - High Mar 9
  • RES 2: $118.34 - 76.4% retracement of the Mar 7 - 15 downleg
  • RES 1: $116.64 - High Mar 24
  • PRICE: $109.78 @ 07:12 GMT Mar 28
  • SUP 1: $104.70 - 20-day EMA
  • SUP 2: $96.05/92.20 - 50-day EMA / Low Mar 15
  • SUP 3: $88.49 - Low Feb 25
  • SUP 4: $85.81 - Low Feb 18

WTI futures remain in an uptrend following recent gains and the strong reversal from $92.20, Mar 15 low. S/T dips are considered corrective. The recent climb from $92.20 means the 50-day EMA, at $96.05, remains intact and that this average still represents a key support. The focus is on 118.34, a Fibonacci retracement. On the downside, a breach of the 50-day EMA would reinstate a bearish theme. Initial support is seen at $104.70, the 20-day EMA.

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