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(V20) Needle Points North

WTI TECHS
  • RES 4: $44.00 - Round number resistance
  • RES 3: $43.78 - High Aug 26 and key resistance
  • RES 2: $43.21 - High Sep 2
  • RES 1: $41.97 - 61.8% retracement of the Aug 28 - Sep 8 sell-off
  • PRICE: $41.14 @ 06:51 BST Sep 18
  • SUP 1: $39.42 Low Sep 17
  • SUP 2: $38.35 Low Sep 16
  • SUP 3: $35.94 - 38.2% retracement of the Apr - Aug rally
  • SUP 4: $35.25 - Low Jun 12

WTI futures are firmer having managed to hold above a key retracement level at $35.94, 38.2% of the Apr - Aug rally. Price has traded through $39.59, Sep 8 high on Wednesday. The break higher has also cleared the 50-day EMA. A continued erosion of this average would strengthen a bullish argument and suggest scope for a stronger reversal. The focus is on $41.97 next, a Fibonacci retracement. Support is at $39.42, Sep 17 low.

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