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(X2) Corrective Bounce

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: $87.84 - 50-day EMA
  • RES 1: $83.98 - 20-day EMA
  • PRICE: $81.41 @ 07:10 BST Sep 29
  • 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 traded higher Wednesday. Bearish conditions remain intact though and the climb from Monday’s low is considered corrective. The contract has recently cleared support at $80.89, 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. Key short-term resistance is at $87.84 the 50-day EMA.

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  • 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: $87.84 - 50-day EMA
  • RES 1: $83.98 - 20-day EMA
  • PRICE: $81.41 @ 07:10 BST Sep 29
  • 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 traded higher Wednesday. Bearish conditions remain intact though and the climb from Monday’s low is considered corrective. The contract has recently cleared support at $80.89, 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. Key short-term resistance is at $87.84 the 50-day EMA.