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Mexico Locks In $75/bbl Oil For 1H23​


Review: 3Y Auction Tail

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(Z0) Looking For A Test Of Resistance

  • RES 4: 137-51 High Aug 6
  • RES 3: 137.31 High Aug 10
  • RES 2: 137.05 76.4% retracement of the Aug 4 - 28 decline
  • RES 1: 136.78 High Sep 9 and the bull trigger
  • PRICE: 136.57 @ Close Sep 11
  • SUP 1: 135.70 Low Sep 10 and key near-term support
  • SUP 2: 135.31 Low Sep 7
  • SUP 3: 135.32 Low Sep 2
  • SUP 4: 134.32 Low Aug 28 and major support

Gilts remain below recent highs however the outlook remains bullish. Last reversal off 136.78, Sep 9 high appears to be a correction and strong support has been defined at 135.70, Sep 10 low. Attention is on the key resistance at 136.78 where a break would trigger a resumption of gains and open 137.05, a Fibonacci retracement. On the downside, weakness below support at 135.70 would instead highlight a potential threat bearish threat.

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