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(X2) Gains Considered Corrective

WTI TECHS
  • RES 4: $97.91 - High Jul 29 and a reversal trigger
  • RES 3: $96.82 - High Aug 30 and key resistance
  • RES 2: $89.86 - 50-day EMA
  • RES 1: $87.03 - 20-day EMA
  • PRICE: $86.35 @ 08:23 BST Sep 21
  • SUP 1: $81.73/80.89 - Low Sep 19/ 8 and the bear trigger
  • SUP 2: $79.31 - Low Feb 18
  • SUP 3: $77.86 - Low Feb 1
  • SUP 4: $75.70 - Low Jan 24

A bearish threat in WTI futures remains present and today’s bounce is considered corrective. The recent break of support at $84.25, the Jul 14 low, confirmed a resumption of the downtrend that started Jun 8 and also highlights the end of a broad sideways move that has been in place since mid-July. A resumption of weakness would open $79.31 next, the Feb 18 low. Key short-term resistance is unchanged at $89.86, the 50-day EMA.

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