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(F2) Under Pressure!

WTI TECHS
  • RES 4: $84.50 - 1.236 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 3: $83.30/83.83 - High Nov 10 / High Oct 25 and the bull trigger
  • RES 2: $79.23/80.68 - High Nov 24 / Low Nov 4 / High Nov 16
  • RES 1: $ 77.46 - 50-day EMA
  • PRICE: $72.56 @ 14:52 GMT Nov 26
  • SUP 1: $70.81 - Low Sep 23
  • SUP 2: $69.58 - 68.1% retracement of the Aug 23 - Oct 25 rally
  • SUP 3: $68.61 - Low Sep 21
  • SUP 4: $66.21 - 76.4% retracement of the Aug 23 - Oct 25 rally

WTI futures remain under pressure. Today's breach of support at $74.76 has confirmed a resumption of the downtrend and marked an extension of the current bearish sequence of lower lows and lower highs. $72.30, the 50.0% retracement of the Aug - Oct rally, has been probed. A break would open $69.58, the 61.8% retracement. The contract needs to trade above $79.23 to ease the current bearish threat.

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