Free Trial

(F4) Trend Needle Continues To Point South

WTI TECHS
  • RES 4: $83.20 - High Nov 3
  • RES 3: $79.65 - High Nov 14 and a key short-term resistance
  • RES 2: $76.76 - 50-day EMA
  • RES 1: $73.30 - 20-day EMA
  • PRICE: $71.83 @ 07:03 GMT Dec 15
  • SUP 1: $67.28 - Jun 23 low
  • SUP 2: $65.00 - Low May 4 and a key support
  • SUP 3: $63.32 - 2.236 proj of the Nov 14 - 16 - 30 price swing
  • SUP 4: $60.00 - Round number support

Bearish conditions in WTI futures remain intact and Tuesday’s sell-off reinforced this condition. The contract has cleared $68.80, Dec 7 low, to confirm a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs and note that MA studies are in a bear-mode position, highlighting a downtrend. The focus is on $67.28, Jun 23 low. Gains are considered corrective. Resistance to watch is $73.30, the 20-day EMA.

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.