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(Z2) Bounce From Tuesday’s Low Considered Corrective

WTI TECHS
  • RES 4: $97.38 - 61.8% retracement of the Jun 8 - Sep 26 downleg
  • RES 3: $95.55 - High Aug 30
  • RES 2: $88.66/92.34 - High Oct 12 / 10 and key resistance
  • RES 1: $87.14 - High Oct 20
  • PRICE: $84.53 @ 07:12 BST Oct 21
  • SUP 1: $81.30 - Low Oct 18
  • SUP 2: $79.63 - 76.4% retracement points of the Sep 26 - Oct 10 rally
  • SUP 3: $78.36 - Low Sep 30
  • SUP 4: $75.70 - Low Sep 26 and the bear trigger

WTI futures failed to hold on to yesterday’s gains. The outlook remains bearish and a resumption of weakness would open $79.63 a Fibonacci retracement and potentially $75.70 further out, the Sep 26 low. On the upside, a stronger reversal higher would instead expose the key short-term resistance at $92.34, the Oct 10 high. Initial firm resistance to watch is at $88.66, Oct 12 high.

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