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WTI TECHS: (X4) Impulsive Rally Extends

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $81.75 - High Jul 5 and a key resistance 
  • RES 3: $79.69 - High Jul 18
  • RES 2: $77.70 - 76.4% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $76.47 - Intraday high  
  • PRICE: $75.64 @ 13:33 BST Oct 7
  • SUP 1: $72.40/70.56 - High Sep 24 / 20-day EMA   
  • SUP 2: $66.33/64.61 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures are trading higher today as the pair extends the rally that started on Oct 1. The rally undermines a recent bearish theme and suggests potential for a continuation higher near-term. Sights are on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. A break of this level would strengthen a bullish condition. On the downside, initial firm support to watch is $70.56, the 20-day EMA.

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  • RES 4: $81.75 - High Jul 5 and a key resistance 
  • RES 3: $79.69 - High Jul 18
  • RES 2: $77.70 - 76.4% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $76.47 - Intraday high  
  • PRICE: $75.64 @ 13:33 BST Oct 7
  • SUP 1: $72.40/70.56 - High Sep 24 / 20-day EMA   
  • SUP 2: $66.33/64.61 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures are trading higher today as the pair extends the rally that started on Oct 1. The rally undermines a recent bearish theme and suggests potential for a continuation higher near-term. Sights are on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. A break of this level would strengthen a bullish condition. On the downside, initial firm support to watch is $70.56, the 20-day EMA.