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(F2) Bearish Cycle

WTI TECHS
  • RES 4: $85.00 - Round number resistance
  • RES 3: $84.50 - 1.236 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 2: $83.30/83.83 - High Nov 10 / High Oct 25 and the bull trigger
  • RES 1: $77.23/80.68 - Low Nov 4 / High Nov 16
  • PRICE: $75.88 @ 06:58 GMT Nov 22
  • SUP 1: $74.76 - Intraday low
  • SUP 2: $74.25 - Low Oct 7 and key near-term support
  • SUP 3: $72.36 - Low Sep 30
  • SUP 4: $70.81 - Low Sep 23

WTI futures continue to trade lower. Futures last week cleared $77.23, Nov 4 low. The break signals scope for a deeper corrective pullback as the recent overbought condition continues to unwind. Potential is seen for weakness towards $74.25, Oct 7 low. On the upside, initial firm resistance has been defined at $80.68, Nov 16 high where a break is required to ease the developing bearish theme.

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