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(F3) Bear Trend Extension

WTI TECHS
  • RES 4: $89.20 - High Nov 11
  • RES 3: $86.90 - High Nov 16
  • RES 2: $82.61 - 50-day EMA
  • RES 1: $77.88 - High Dec 6
  • PRICE: $73.11 @ 07:09 GMT Dec 8
  • SUP 1: $71.75 - Low Dec 7
  • SUP 2: $70.00 - Round number support
  • SUP 3: $68.86 - 1.236 proj of the Aug 30 - Sep 28 - Nov 7 price swing
  • SUP 4: $66.06 - 1.382 proj of the Aug 30 - Sep 28 - Nov 7 price swing

Trend conditions in WTI futures remain bearish and this week’s move lower reinforces this theme. $74.96, the Sep 28 low, has been cleared. This confirms a resumption of the downtrend and sights are on the $70.00 psychological handle. Moving average studies are in a bear mode condition, highlighting the current trend direction. Key resistance is at $82.61, the 50-day EMA.

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