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(Z20) Remains Below Recent Highs

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: $40.46 @ 06:43 BST Oct 23
  • SUP 1: $39.36 - Low Oct 12
  • SUP 2: $38.10 - 76.4% retracement of the Oct 2 - 20 rally
  • SUP 3: $36.93 - Low Oct 2 and the bear trigger
  • SUP 4: $35.72 - Low Jun 12

WTI futures stalled this week at $41.90, Oct 20 high. The sharp pullback refocuses attention on the key near-term support at $39.36, Oct 12 low. A break of this level would highlight a bearish development and signal scope for a deeper move lower, potentially towards the $36.93 low from Oct 2. This support also represents the bear trigger. On the upside, resistance and the level that needs to be cleared to trigger stronger gains is $42.02.

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