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(F3) Trend Needle Still Points South

WTI TECHS
  • RES 4: $97.51 - High Jul 5
  • RES 3: $94.11 - High Aug 30
  • RES 2: $89.20/92.53 - High Nov 11 / 7 and key resistance
  • RES 1: $82.43/85.38 - High Nov 18 / 50-day EMA
  • PRICE: $79.91 @ 07:01 GMT Nov 22
  • SUP 1: $74.96 - Low Sep 28 and a key medium-term support
  • 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

WTI futures sold off sharply Monday before retracing its losses. A bearish theme remains in place following recent weakness and an extension of the reversal from $92.53, Nov 7 high. Support at $80.49, Oct 18 low and a bear trigger, was cleared Friday. $79.11, 76.4% of the Sep 28 - Nov 7 bull phase has also been cleared. Attention is on $74.96, the Sep 28 low and the next key support. Initial firm resistance is seen at $85.38, the 50-day EMA.

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