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(F3) Heading South

WTI TECHS
  • RES 4: $89.20 - High Nov 11
  • RES 3: $86.90 - High Nov 16
  • RES 2: $83.04 - 50-day EMA
  • RES 1: $77.88 - High Dec 6
  • PRICE: $74.22 @ 07:13 GMT Dec 7
  • SUP 1: $73.38 - 1.00 proj of the Aug 30 - Sep 28 - Nov 7 price swing
  • 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 yesterday’s move lower reinforces this theme. The sell-off on Nov 28, resulted in a break of $74.96, Sep 28 low. This confirmed a resumption of the downtrend and sights are on $73.38, a Fibonacci projection and the $70.00 psychological handle. Moving average studies are in a bear mode condition, highlighting the current trend direction. Key resistance is at $83.04, the 50-day EMA.

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