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(Z1) Extends This Week's Recovery

WTI TECHS
  • RES 4: $88.96 - 1.382 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 3: $87.45 - 1.236 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 2: $86.00 - Round number resistance
  • RES 1: $84.97/85.41 - Intraday high / High Oct 25 and the bull trigger
  • PRICE: $84.51 @ 07:08 GMT Nov 10
  • SUP 1: $81.50/78.25 - 20-day EMA / Low Nov 4 and key support
  • SUP 2: $77.77- 50-day EMA
  • SUP 3: $74.67 - Low Oct 7 and key near-term support
  • SUP 4: $72.82 - Low Sep 30

WTI futures maintain this week's positive tone and the contract has traded higher today. Price is approaching a key resistance and the bull trigger at $85.41, Oct 25 high. A break of this level would confirm a resumption of the uptrend and resume the bullish price sequence of higher highs and higher lows. This would open $87.45, a Fibonacci projection. On the downside, key short-term support has been defined at $78.25 Nov 4 low.

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