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(F2) Finds Support At Yesterday’s Low

WTI TECHS
  • RES 4: $80.68 - High Nov 16
  • RES 3: $78.65 - High Nov 26
  • RES 2: $73.34/74.12 - High Dec 9 / 50-day EMA
  • RES 1: $72.24 - 20-day EMA
  • PRICE: $71.69 @ 06:59 GMT Dec 16
  • SUP 1: $69.51 - Low Dec 14
  • 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

WTI futures have traded lower this week but did find support yesterday. A deeper retracement would signal scope for weakness towards $65.60, the Dec 3 low. The major support is at the Dec 2 low of $62.43. On the upside, clearance of $73.34, Dec 9 high and $74.12, the 50-day EMA would reinstate a bullish focus and open $78.65, the Nov 26 low. Moving average studies are pointing south. This suggests short-term gains are corrective.

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