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(F2) Sentiment Remains Bearish

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: $76.81 - 50-day EMA
  • RES 1: $72.93/74.76 - High Nov 29 / Low Nov 22
  • PRICE: $67.83 @ 07:26 GMT Nov 30
  • SUP 1: $67.06 - Intraday low
  • SUP 2: $66.21 - 76.4% retracement of the Aug 23 - Oct 25 rally
  • SUP 3: $64.39 - Low Aug 24
  • SUP 4: $60.77 - Low Aug 23 and a key support

WTI futures remain vulnerable. Friday’s breach of support at $74.76, low Nov 22 and the subsequent sharp sell-off has confirmed a resumption of the downtrend and marks 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 this opens $66.21, the 76.4% retracement. Initial firm resistance is seen at $74.76.

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