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(F2) Downside Risk

WTI TECHS
  • RES 4: $83.30/83.83 - High Nov 10 / High Oct 25 and the bull trigger
  • RES 3: $79.23/80.68 - High Nov 24 / Low Nov 4 / High Nov 16
  • RES 2: $76.39 - 50-day EMA
  • RES 1: $72.93/74.76 - High Nov 29 / Low Nov 22
  • PRICE: $68.54 @ 08:02 GMT Dec 1
  • SUP 1: $64.43/39 - Low Nov 30 / Low Aug 24
  • SUP 2: $60.77 - Low Aug 23 and a key support
  • SUP 3: $59.63 - Low May 20
  • SUP 4: $58.31 - low Apr 21

WTI futures remain vulnerable. Friday’s breach of support at $74.76, low Nov 22 and the subsequent sharp sell-off confirmed a resumption of the downtrend and marked an extension of the current bearish sequence of lower lows and lower highs. $69.58, the 61.8% retracement of the Aug - Oct rally, has been cleared and $66.21, the 76.4% retracement was breached yesterday.The focus is on $64.39. Initial firm resistance is seen at $74.76.

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