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(F3) Corrective Phase
- RES 4: $89.20 - High Nov 11
- RES 3: $86.90 - High Nov 16
- RES 2: $81.40 - 50-day EMA
- RES 1: $75.44/77.74 - High Dec 8 / 20-day EMA
- PRICE: $74.28 @ 07:12 GMT Dec 13
- SUP 1: $70.08 - Low Dec 9 and the bear trigger
- SUP 2: $68.86 - 1.236 proj of the Aug 30 - Sep 28 - Nov 7 price swing
- SUP 3: $66.06 - 1.382 proj of the Aug 30 - Sep 28 - Nov 7 price swing
- SUP 4: $63.80 - 1.50 proj of the Aug 30 - Sep 28 - Nov 7 price swing
Trend conditions in WTI futures remain bearish, however, the latest recovery highlights the start of a possible corrective cycle. A continuation higher would allow an oversold trend reading to unwind, ahead of a resumption of the downtrend. The next resistance is at $77.74, the 20-day EMA. On the downside, the bear trigger lies at $70.08, the Dec 9 low. A break would resume the downtrend.
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