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(X20) Bearish Pressure Returns

WTI TECHS
  • RES 4: $43.51 - High Sep 2
  • RES 3: $42.29 - 76.4% retracement of the Aug 26 - Sep 8 sell-off
  • RES 2: $41.72 - High Sep 18 and the short-term bull trigger
  • RES 1: $40.80 - High Sep 28
  • PRICE: $40.36 @ 06:48 BST Sep 29
  • SUP 1: $38.41 - Low Sep 29
  • SUP 2: $37.02 - Low Sep 11
  • SUP 3: $36.58 - Low Sep 8 and the bear trigger
  • SUP 4: $35.54 - Low Jun 12

WTI futures traded sharply lower yesterday. The contract cleared its initial key support at $38.87, Sep 21 low. The break reinforces a bearish theme and exposes the key support and bear trigger at $36.58, Sep 8 low. Recent bearish candle patterns and bearish momentum structures reinforce a bearish theme. A break of $39.88 would confirm a resumption of a bear trend that has dominated since Aug 26. Initial resistance is at $48.80, Sep 28 high.

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