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Free Access(Z18) Struggling To Bounce Off YTD Lows...>
WTI TECHS: (Z18) Struggling To Bounce Off YTD Lows
*RES 4: $72.29 - High Oct 17
*RES 3: $70.00 - Resistance area
*RES 2: $65.25 - 200-dma
*RES 1: $60.00 - Resistance
*PRICE: $56.99 @ 06:02 GMT
*SUP 1: $54.75 - Low Nov 13
*SUP 2: $51.00 - Up trendline support from Jan 2016 lows
*SUP 3: $50.01 - Low Oct 6, 2017
*SUP 4: $45.51 - Low Jun 21, 2017
The recovery off the Nov 13 lows lacks momentum and the broader bearish trend
remains firmly intact. .Bears look to close below $54.75 to accelerate the
downtrend opening up trendline support from the 2016 lows comes in at $51. Below
here would open the $50 level ahead of a return to the mid-2017 lows. Bulls need
to reclaim the $60 level to shift the outlook neutral. Above here would open the
200-dma, currently at $65.25.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.