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(X2) Bear Trend Extension

WTI TECHS
  • RES 4: $97.91 - High Jul 29 and a reversal trigger
  • RES 3: $92.26/96.82 - High Aug 30 / 31 and key resistance
  • RES 2: $88.94 - 50-day EMA
  • RES 1: $85.62 - 20-day EMA
  • PRICE: $77.78 @ 07:13 BST Sep 26
  • SUP 1: $77.62 - 1.50 proj of the Jul 29 - Aug 16 - 30 price swing
  • SUP 2: $76.11 - 1.618 proj of the Jul 29 - Aug 16 - 30 price swing
  • SUP 3: $75.70 - Low Jan 24
  • SUP 4: $71.22 - 2.00 proj of the Jul 29 - Aug 16 - 30 price swing

Bearish conditions in WTI futures were reinforced last week - the contract cleared support at $80.89, the Sep 8 low. This marks a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is on $76.11 next, a Fibonacci projection. On the upside, key short-term resistance is unchanged at $88.94 the 50-day EMA. Initial resistance is seen at $85.62, the 20-day EMA.

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