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(X20) Holding Above Support

WTI TECHS
  • RES 4: $44.05 - High Aug 26
  • RES 3: $43.51 - Sep 2 high
  • RES 2: $42.29 - 76.4% retracement of the Aug 26 - Sep 8 sell-off
  • RES 1: $41.47/72 - High Oct 9 / High Sep 18 and the bull trigger
  • PRICE: $40.59 @ 06:39 BST Oct 16
  • SUP 1: $39.04 - Low Oct 12
  • SUP 2: $36.58 - Low Sep 8 and the bear trigger
  • SUP 3: $35.54 - Low Jun 12
  • SUP 4: $34.24 - 50.0% retracement of the Apr - Aug rally

WTI futures traded in a volatile manner yesterday. Recent price action has defined resistance at $41.47, Oct 9 high and support at $39.04, Oct 12 low. These levels mark the near-term directional triggers. A bullish outlook continues to dominate however following the strong recovery between Oct 2 - 9. A breach of $41.47 would open the $41.72 key resistance, Sep 18 high. Weakness below $39.04 would be bearish.

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