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(Z20) Bulls Clear The First Hurdle

WTI TECHS
  • RES 4: $44.33 - High Aug 26
  • RES 3: $43.84 - Sep 2 high
  • RES 2: $42.58 - 76.4% retracement of the Aug 26 - Oct 2 sell-off
  • RES 1: $41.90/42.02 - High Oct 20 / High Sep 18 and the bull trigger
  • PRICE: $41.38 @ 06:59 BST Oct 21
  • SUP 1: $40.34 - Oct 16 low
  • SUP 2: $39.36 - Low Oct 12
  • SUP 3: $36.93 - Low Oct 2 and the bear trigger
  • SUP 4: $35.72 - Low Jun 12

WTI futures traded higher yesterday and breached the key near-term resistance at $41.74, Oct 9 high. The break higher reinforces bullish conditions however, to confirm a stronger resumption of bullish activity price needs to clear the hurdle at $42.02, Sep 18 high. This would confirm a resumption of the recovery that started on Oct 2 and open $42.58, a retracement level. Initial support lies at $40.34, Oct 16 low.

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