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Free Access(X2) Bears Pause For Breath
- 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: $88.07 - 50-day EMA
- RES 1: $80.89/84.17 - Low Sep 8 /20-day EMA
- PRICE: $77.31 @ 07:16 BST Sep 28
- SUP 1: $76.11 - 1.618 proj of the Jul 29 - Aug 16 - 30 price swing
- SUP 2: $75.70 - Low Jan 24
- SUP 3: $71.22 - 2.00 proj of the Jul 29 - Aug 16 - 30 price swing
- SUP 4: $68.20 - 2.236 proj of the Jul 29 - Aug 16 - 30 price swing
WTI futures are consolidating. Bearish conditions 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 $88.07 the 50-day EMA. Initial firm resistance is seen at $84.17, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.