(F2) Corrective Rally Still In Play

• RES 4: $80.68 - High Nov 16
• RES 3: $78.65 - High Nov 26
• RES 2: $74.89 - 50-day EMA
• RES 1: $73.07 - 20-day EMA
• PRICE: $71.35 @ 07:28 GMT Dec 8
• SUP 1: $65.60 - Low Dec 3
• SUP 2: $62.43 - Low Dec 2 and the bear trigger
• SUP 3: $60.77 - Low Aug 23 and a key support
• SUP 4: $59.63 - Low May 20

Last week’s rebound in WTI has resulted in a stronger short-term recovery. On the 60-min chart, the move higher this week has confirmed an inverted head and shoulder reversal, reinforcing the current bull cycle and suggesting scope for stronger gains near-term. The climb is considered corrective though and is allowing a recent oversold condition to unwind. Attention is on $73.07 next, the 20-day EMA. Initial firm support lies at $65.60, the Dec 3 low.