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(F3) Corrective Phase Extends

WTI TECHS
  • RES 4: $89.20 - High Nov 11
  • RES 3: $86.90 - High Nov 16
  • RES 2: $81.16 - 50-day EMA
  • RES 1: $76.37/77.52 - High Dec 13 / 20-day EMA
  • PRICE: $75.31 @ 07:44 GMT Dec 14
  • 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 and yesterday’s move higher, suggests the contract remains in a short-term corrective cycle. Attention is on resistance at $77.52, the 20-day EMA - a key short-term hurdle for bulls - where a break would signal scope for a stronger recovery. On the downside, the bear trigger lies at $70.08, the Dec 9 low. A break would resume the downtrend.

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