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(X20) Bearish Threat Remains Present

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: $40.75 - High Sep 23
  • PRICE: $39.88 @ 06:44 BST Sep 28
  • SUP 1: $38.87 - Low Sep 21
  • 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 are trading within its recent range. The outlook remains bearish and a break lower is still likely. The sell-off on Sep 21 confirmed a top at $41.72, Sep 18 high and highlights a bearish threat. Furthermore, price action on Sep 18 stalled just above the 61.8% retracement of the Aug 26 - Sep 8 sell-off. Continued weakness would open $36.58, Sep 8 low. Key resistance is at $41.72 where a break reinstates a bullish outlook.

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