(F3) Corrective Phase Extends

• RES 4: $89.20 - High Nov 11
• RES 3: $86.90 - High Nov 16
• RES 2: $80.82 - 50-day EMA
• RES 1: $77.37/77.77 - 20-day EMA / High Dec 15
• PRICE: $76.01 @ 07:05 GMT Dec 16
• SUP 1: $73.21/70.08 - Low Dec 13 / 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 current bullish corrective cycle remains in play and the contract has traded higher this week. Price has also tested the 20-day EMA, at $77.50. A clear break of this hurdle would signal scope for an extension and open $80.82, the 50-day EMA. On the downside, a reversal lower would refocus attention of the bear trigger which lies at $70.08, the Dec 9 low.