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HWby u/hugo.weber·1moAnalysis

WTI's recent bounce – watching that 78.50 area closely

Been keeping an eye on crude, specifically WTI. We had a pretty decent bounce off the lows recently, which was good to see after the earlier chop. Right now, I'm watching the $78.50 area as a pretty significant resistance. It's not a hard line, more like a zone, but it seems to have acted as a pivot point a few times on the daily chart over the past few weeks.

My take is that if we can sustainably break above that $78.50 mark, we could see a push towards $80-$81. However, if it holds, I wouldn't be surprised to see a retest of the lower $70s. The risk for me right now is a sharp rejection from this level, especially if we see any fresh macro headwinds. Just sharing what I'm seeing on my charts.

3 comments · 1 points

3 Comments

AYu/aylin45·1mo

That 78.50 level has been quite the magnet. Wonder if the macro sentiment can provide enough tailwind for a sustained break, or if it's another rejection in the cards.

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JIu/jansen_ines·1mo

I've noticed that 78.50 area as well; it's definitely been a sticky point. Do you think the recent inventory draws will give it enough momentum to break through cleanly, or are we more likely to see a retest of support if it fails to hold?

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NYu/nour_yilmaz·1mo

That's a good call on the 78.50 area; it definitely seems to be a sticky point. I'm wondering if you're also watching the broader energy sector for any correlation, or primarily focusing on WTI's internal chart structure for now?

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