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(Z20) Bounce Considered Corrective

WTI TECHS
  • RES 4: $41.02 - High Oct 22
  • RES 3: $39.95 - 50-day EMA
  • RES 2: $39.05 - 20-day EMA
  • RES 1: $37.76 - High Oct 29
  • PRICE: $36.73 @ 06:47 GMT Nov 3
  • SUP 1: $33.64 - Low Nov 2
  • SUP 2: $33.12 - Low May 22 and a key support
  • SUP 3: $32.58 - 61.8% retracement of the Apr - Aug rally
  • SUP 4: $32.13 - Low May 18

WTI rebounded sharply higher yesterday off the day low of $33.64. The move is considered a correction though. A bearish theme was reinforced last week following the break of the key support handle at $36.93, low from Oct 2. The break lower confirms a resumption of the downtrend that started late August. The focus is on $32.58 next, 61.8% retracement of the Apr - Aug rally. On the upside, initial firm resistance is at $37.76, Oct 29 high.

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