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(X20) Holding Above Support

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: $38.87 - 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 contract is holding above the Sep 21 low of $38.87. This marks an important intraday bear trigger, a break would expose a deeper sell-off and open the major support at $36.58, Sep 8 low. Clearance of this latter level would highlight a stronger bearish cycle. Key resistance has been defined at $41.72, Sep 18 high where a break would instead highlight a bullish theme.

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