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(F1) Bullish Focus But Appears To Be Correcting

WTI TECHS
  • 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: $46.26 - High Nov 25
  • PRICE: $44.64 @ 06:59 GMT Nov 30
  • SUP 1: $43.33 - High Nov 11
  • SUP 2: $42.82 - Low Nov 24
  • SUP 3: $42.09 - 20-day EMA
  • SUP 4: $41.16 - 50-day EMA

WTI futures remain bullish although a near-term corrective phase has seems to be unfolding. A deeper pullback would allow a recent overbought condition to unwind and this would open support at $42.82. On the upside, resistance has been defined at $46.26, Nov 25 high. A break would confirm a resumption of the underlying uptrend and pave the way for strength towards $48.07, a Fibonacci projection and $50.00.

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