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(X1) Still Heading North

WTI TECHS
  • RES 4: $81.60 - 1.618 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 3: $80.57 - 1.50 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 2: $80.00 - Psychological round number
  • RES 1: $79.53 - 1.382 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • PRICE: $79.27 @ 07:10 BST Oct 6
  • SUP 1: $76.67/75.32 - High Sep 28 / Low Oct 4
  • SUP 2: $73.14 - Low Sep 30 and key support
  • SUP 3: $71.61 - Low Sep 21
  • SUP 4: $69.39 - Low Sep 21 and key support

WTI traded higher again Tuesday. On Monday, the contract cleared $76.67 resistance, Sep 28 high and a bull trigger. The break higher confirms an extension of the current bullish price sequence of higher highs and higher lows and attention is on $79.53, a Fibonacci projection and the $80.00 psychological hurdle. On the downside, key short-term support has been defined at $73.14, Sep 30 low.

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