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(F4) Bearish Outlook

WTI TECHS
  • RES 4: $85.00 - High Oct 27
  • RES 3: $83.20 - High Nov 3
  • RES 2: $79.65 - High Nov 14 and a key short-term resistance
  • RES 1: $72.37/74.79 - Low Nov 16 / 20-day EMA
  • PRICE: $71.77 @ 07:02 GMT Dec 11
  • SUP 1: $68.80 - Low Dec 7
  • SUP 2: $67.28 - Jun 23
  • SUP 3: $65.00 - Low May 4 and a key support
  • SUP 4: $63.32 - 2.236 proj of the Nov 14 - 16 - 30 price swing

Bearish conditions in WTI futures remain intact and last Wednesday’s sell-off reinforced this condition. The contract has cleared support at $72.37, the Nov 16 low. The break lower confirms a resumption of the downtrend and note too that moving average studies are in a bear-mode position, highlighting a clear downtrend. Sights are on $67.28 next, the Jun 23 low. Resistance is seen at $74.79, the 20-day EMA. The latest recovery is considered corrective.

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