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(Z19) Facing Bearish Pressure *RES 4:.....>

WTI TECHS
WTI TECHS: (Z19) Facing Bearish Pressure
*RES 4: $59.11 - High Sep 23
*RES 3: $58.21 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 2: $57.19 - Former trendline support drawn off Aug 7 low
*RES 1: $56.92 - High Oct 28
*PRICE: $55.57 @ 06:17 BST Oct 29
*SUP 1: $54.99 - High Oct 11/14 and former breakout point
*SUP 2: $53.62 - Low Oct 24
*SUP 3: $52.46 - Low Oct 15 and key near-term support
*SUP 4: $51.40 - Low Oct 10
WTI stalled yesterday at $56.92 and is facing some bearish pressure. Note
too,yesterday's high was just above 50% of Sep 16 - Oct 3 decline at $56.82,
raising the potential bearish significance of yesterday sell-off and today's
follow through so far. Furthermore, a bearish engulfing candle pattern marks
yesterday's activity. A break of support at $54.99 would further undermine the
contract. A break above $56.92 is required to reinstate a bullish theme.

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