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(F3) Remains Vulnerable

WTI TECHS
  • RES 4: $94.11 - High Aug 30
  • RES 3: $89.20/92.53 - High Nov 11 / 7 and key resistance
  • RES 2: $82.43/84.30 - High Nov 18 / 50-day EMA
  • RES 1: $79.90 - High Nov 25
  • PRICE: $78.63 @ 07:07 GMT Nov 30
  • 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: $66.04 - Low Dec 20 2021 (cont)

Trend conditions in WTI futures remain bearish and recent gains are considered corrective. Monday’s move lower resulted in a break of the bear trigger at $74.96, Sep 28 low. This confirms a resumption of the downtrend and has opened $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. Initial resistance is at $79.90, last Friday’s high.

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