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(F1) Bullish Conditions Intact

  • RES 4: $52.41 - 1.00 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $50.00 - Psychological round number
  • RES 2: $48.07 - 0.764 proj of Apr - Aug rally from the Nov 2 low
  • RES 1: $46.68 - High Dec 4
  • PRICE: $45.44 @ 06:46 GMT Dec 9
  • SUP 1: $43.92 - Low Dec 2 and key support
  • SUP 2: $42.82 - Low Nov 24
  • SUP 3: $42.23 - 50-day EMA
  • SUP 4: $40.33 - Low Nov 13

WTI futures remain bullish but are correcting lower. The contract last week traded above resistance at $46.26, Nov 25 high and the bull trigger. A clear break would confirm a resumption of the underlying uptrend and also maintain the positive price sequence of higher highs and higher lows, with moving average studies in a bull mode condition too. The focus is on $48.07 next, a Fibonacci projection. Firm support is at $43.92.

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