Free Trial

(F4) Moving Average Studies Remain In A Bear-Mode Set-Up

WTI TECHS
  • RES 4: $83.20 - High Nov 3
  • RES 3: $80.39 - 50-day EMA
  • RES 2: $79.65 - High Nov 14 and a key short-term resistance
  • RES 1: $78.55 - 20-day EMA
  • PRICE: $76.51@ 07:05 GMT Nov 24
  • 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 recent gains are considered corrective. The break lower last week marked an extension of the downtrend that started late September and this has maintained a price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting a downtrend. The focus is on $70.96, a Fibonacci retracement. Key resistance is unchanged at $79.65, Nov 14 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.