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(V20) Recovery Phase

WTI TECHS
  • RES 4: $43.78 - High Aug 26 and key resistance
  • RES 3: $41.87 - High Sep 4
  • RES 2: $40.86 - 61.8% retracement of the Aug 28 - Sep 8 sell-off
  • RES 1: $40.34/41 - High Sep 16 / 50-day EMA
  • PRICE: $39.64 @ 06:57 BST Sep 17
  • SUP 1: $38.35 Low Sep 16
  • SUP 2: $35.94 - 38.2% retracement of the Apr - Aug rally
  • SUP 3: $35.25 - Low Jun 12
  • SUP 4: $33.52 - 50.0% retracement of the Apr - Aug rally

WTI futures are firmer having managed to hold above a key retracement level at $35.94, 38.2% of the Apr - Aug rally. Yesterday price traded through $39.59, Sep 8 high. The break higher has exposed a key resistance area at $40.41, the 50-day EMA. An erosion of this average would strengthen a bullish argument and suggest scope for a stronger reversal. Weakness through $36.13 and $35.94 would resume bearish pressure.

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