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(F2) Bullish Outlook

WTI TECHS
  • RES 4: $83.83 - High Oct 25 and a key resistance
  • RES 3: $80.68 - High Nov 16
  • RES 2: $78.65 - High Nov 26
  • RES 1: $74.53 - 50-day EMA
  • PRICE: $72.76 @ 07:05 GMT Dec 13
  • SUP 1: $69.52 - Low Dec 7
  • SUP 2: $65.60 - Low Dec 3
  • SUP 3: $62.43 - Low Dec 2 and the bear trigger
  • SUP 4: $60.77 - Low Aug 23 and a key support

The near-term WTI outlook remains bullish following recent strong gains. On the 60-min chart, last week’s move move higher has confirmed an inverted head and shoulder reversal on the 60-min chart, reinforcing the current bull cycle. The climb is considered corrective though and is allowing a recent oversold condition to unwind. Attention is on $74.53 next, the 50-day EMA. Initial firm support lies at $69.52, the Dec 7 low.

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