(F4) Pierces The Bear Trigger

• RES 4: $88.37 - High Oct 20
• RES 3: $85.00 - High Oct 27
• RES 2: $83.20 - High Nov 3
• RES 1: $79.65 - High Nov 14 and a key short-term resistance
• PRICE: $72.38 @ 06:59 GMT Dec 5
• SUP 1: $72.02 - Low Dec 5
• 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

The trend outlook in WTI futures remains bearish and the move lower from last Thursday’s high, reinforces this set-up. Resistance to watch is $79.65, the Nov 14 high. A breach of this hurdle would strengthen any developing bullish threat and open $83.20, the Nov 3 high. The bear trigger at $72.37, the Nov 16 low, has been pierced. A clear break would confirm a resumption of the downtrend and open $70.96, a Fibonacci retracement.