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(F3) Trading Below Last Week’s Highs

WTI TECHS
  • RES 4: $89.20 - High Nov 11
  • RES 3: $86.90 - High Nov 16
  • RES 2: $80.57 - 50-day EMA
  • RES 1: $77.07/77.77 - 20-day EMA / High Dec 15
  • PRICE: $74.57 @ 07:04 GMT Dec 19
  • 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. Recent gains however, have highlighted a bullish corrective cycle and last week this resulted in a test of the 20-day EMA, at $77.07. A clear break of this hurdle would signal scope for an extension and open $80.57, the 50-day EMA. On the downside, a stronger reversal lower would refocus attention on the bear trigger which lies at $70.08, the Dec 9 low.

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