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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
(X3) Remains Vulnerable
- RES 4: $99.42 - 1.382 proj of the Jun 28 - Aug 10 - 24 price swing
- RES 3: $97.08 - 1.236 proj of the Jun 28 - Aug 10 - 24 price swing
- RES 2: $91.88/95.03 - High Oct 2 / High Sep 28 and a bull trigger
- RES 1: $87.71 - 20-day EMA
- PRICE: $85.63 @ 15:51 BST Oct 10
- SUP 1: $81.00 - Low Aug 31
- SUP 2: $79.57 - 50.0% retracement of the May 4 - Sep 28 bull run
- SUP 3: $77.32 - Low Aug 24
- SUP 4: $75.92 - 61.8% retracement of the May 4 - Sep 28 bull run
WTI futures traded lower last week, but started the week on a stronger footing. The recent bearish price action resulted in a break of support at $88.19, the Sep 26 low. The contract has also cleared support at the 50-day EMA, at $84.46. This signals scope for a deeper retracement towards the $80.00 handle and $79.57, a Fibonacci retracement point. Initial firm resistance is at $87.71, the 20-day EMA. A break would signal a possible reversal.
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Why MNI
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