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(F2) Under Pressure

WTI TECHS
  • RES 4: $85.00 - Round number resistance
  • RES 3: $84.50 - 1.236 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 2: $83.30/83.83 - High Nov 10 / High Oct 25 and the bull trigger
  • RES 1: $79.23/80.68 - High Nov 24 / Low Nov 4 / High Nov 16
  • PRICE: $75.78 @ 07:04 GMT Nov 25
  • SUP 1: $74.76 - Low Nov 22 and the bear trigger
  • SUP 2: $74.25 - Low Oct 7 and key near-term support
  • SUP 3: $72.36 - Low Sep 30
  • SUP 4: $70.81 - Low Sep 23

WTI futures are under pressure as the contract pulls away from recent highs. The key near-term resistance at $80.68, Nov 16 high remains intact where a break would strengthen short-term conditions for bulls. This would signal potential for a climb towards the major resistance of $83.83, Oct 25 high. On the downside, key short-term support has been defined at $74.76, Nov 22 low. A break would be bearish and resume the recent downtrend.

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