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(V20) Consolidating But Remains Bearish

WTI TECHS
  • RES 4: $43.78 - High Aug 26 and key resistance
  • RES 3: $41.87 - High Sep 4
  • RES 2: $40.65/54 - 50- and 20-day EMA
  • RES 1: $39.59 - High Sep 8
  • PRICE: $37.50 @ 06:32 BST Sep 14
  • SUP 1: $35.94 - 38.2% retracement of the Apr - Aug rally
  • SUP 2: $35.25 - Low Jun 12
  • SUP 3: $33.52 - 50.0% retracement of the Apr - Aug rally
  • SUP 4: $32.66 - Low May 28

WTI futures remain vulnerable following the acceleration lower early last week. Recent bearish pressure has resulted in a breach of former support at $39.00, Jul 10 and 30 low and a reversal trigger. This has reinforced current bearish conditions, paving the way for weakness towards $35.94 next, a Fibonacci retracement and $35.25, Jun 12 low. On the upside, resistance is at $39.59, Sep 8 high.

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