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(F3) Remains Below Key Resistance

WTI TECHS
  • RES 4: $92.53 - High Nov 7 and key resistance
  • RES 3: $89.20 - High Nov 11
  • RES 2: $86.90 - High Nov 16
  • RES 1: $83.66 - 50-day EMA
  • PRICE: $80.34 @ 07:12 GMT Dec 5
  • SUP 1: $78.40 - Low Nov 30
  • SUP 2: $73.38 - 1.00 proj of the Aug 30 - Sep 28 - Nov 7 price swing
  • SUP 3: $70.00 - Round number support
  • SUP 4: $68.86 - 1.236 proj of the Aug 30 - Sep 28 - Nov 7 price swing

Trend conditions in WTI futures remain bearish and last week’s gains are considered corrective. The move lower on Nov 28 resulted in a break of $74.96, Sep 28 low. This confirmed a resumption of the downtrend, opening $73.38, a Fibonacci projection and the $70.00 psychological handle. MA studies are in a bear mode condition, highlighting the current trend direction. Resistance is at $83.66, the 50-day EMA. A break would alter the picture.

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