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(X2) Extends Gains Above Key 20-, 50-Day EMAs

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: $89.99 - High Sep 6
  • RES 1: $89.37 - High Oct 6
  • PRICE: $88.68 @ 09:01 BST Oct 7
  • SUP 1: $79.14/76.25 - Low Sep 30 / Low Sep 26 and the bear trigger
  • 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 printed new weekly highs of 89.37 through the Thurdsay close, extending gains above both the 20- and 50-day EMAs.This signals scope for a stronger reversal and opens the $90.00 handle in the interim. Initial firm support is at $79.14, the Sep 30 low. Key support lies at $76.25, the Sep 26 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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