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(F3) Still Appears Vulnerable

WTI TECHS
  • RES 4: $92.53 - High Nov 7 and key resistance
  • RES 3: $89.20/92.53 - High Nov 11 /
  • RES 2: $83.92 - 50-day EMA
  • RES 1: $81.97 - 20-day EMA
  • PRICE: $80.24 @ 07:50 GMT Dec 1
  • 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 still considered corrective. Monday’s move lower resulted in a break of the bear trigger at $74.96, Sep 28 low. This confirmed 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 $81.97, the 20-day EMA.

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