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WTI Triangle Pattern     ​

WTI TECHS
  • WTI futures are lower today.
  • The contract is trading inside a triangle pattern on the daily chart, drawn from the Mar 15 low.
  • This is a bearish pattern. A break of $95.28, Apr 25 low, would confirm a resumption of weakness and expose $92.60, Apr 11 low, and $90.37, the Mar 15 low. The latter level is a key bear trigger.
  • Triangle resistance intersects at $106.51 (triangle) ahead of a key resistance at $109.20, Apr 18 high. Clearance of these hurdles would be bullish.
  • Brent futures are trading inside a triangle. The key support to watch is $99.25, the Apr 25 low. Resistance to watch is $110.00/112.27 - the Apr 29 high and triangle resistance (also drawn from the Mar 15 low).

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