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(X2) Bear Cycle Still In Play

WTI TECHS
  • RES 4: $104.31 - 76.4% retracement of the Jun 8 - Sep 26 downleg
  • RES 3: $98.95 - 61.8% retracement of the Jun 8 - Sep 26 downleg
  • RES 2: $96.82 - High Aug 31
  • RES 1: $90.07/93.64 - High Oct 12 / 10 and key resistance
  • PRICE: $86.15 @ 07:06 BST Oct 18
  • SUP 1: $84.61 - Low Oct 17
  • SUP 2: $82.89 - 61.8% retracement points of the Sep 26 - Oct 10 rally
  • SUP 3: $79.14 - Low Sep 30
  • SUP 4: $76.25 - Low Sep 26 and the bear trigger

WTI futures traded lower again Monday. This reinstates a near-term bearish theme and highlights potential for a continuation lower. An extension would open $82.89, a Fibonacci retracement level. On the upside, a resumption of gains would instead suggest scope for a climb towards the key short-term resistance at $93.64, the Oct 10 high. Clearance of this level would strengthen a bullish theme.

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