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(X20) Major Support Holds

WTI TECHS
  • RES 4: $42.29 - 76.4% retracement of the Aug 26 - Sep 8 sell-off
  • RES 3: $41.72 - High Sep 18 and the short-term bull trigger
  • RES 2: $40.80 - High Sep 28
  • RES 1: $38.65 - High Oct 2
  • PRICE: $38.01 @ 06:42 BST Oct 5
  • SUP 1: $36.58 - Low Sep 8 and the bear trigger
  • SUP 2: $35.54 - Low Jun 12
  • SUP 3: $34.24 - 50.0% retracement of the Apr - Aug rally
  • SUP 4: $33.14 - Low May 28

WTI futures traded sharply lower Friday but did manage to find support ahead of the key $36.58 level, Sep 8 low. Despite the bounce ahead of this support, a bearish theme remains intact. Recent bearish candle patterns and bearish moving average conditions highlight a weaker outlook. A break of $36.58 would confirm a resumption of the downtrend that started late August and open $35.54, Jun 12 low. Firm resistance is at $40.80, Sep 28 high.

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