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(X3) Remains Vulnerable

WTI TECHS
  • 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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