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(F4) Corrective Bounce

  • RES 4: $83.20 - High Nov 3
  • RES 3: $80.75 - 50-day EMA
  • RES 2: $79.65 - High Nov 14 and a key short-term resistance
  • RES 1: $78.81 - 20-day EMA
  • PRICE: $77.21 @ 07:07 GMT Nov 21
  • SUP 1: $72.37 - Low Nov 16
  • SUP 2: $70.96 - 76.4% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $69.09 - Low Jul 3
  • SUP 4: $67.28 - Jun 23

A bearish theme in WTI futures remains in play and the latest recovery is considered corrective. The break lower last week marks an extension of the downtrend that started late September and maintains the price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting bearish market sentiment. The focus is on $70.96, a Fibonacci retracement. Key resistance is at $79.65, the Nov 14 high.

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