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(F4) Trend Needle Continues To Point South

  • 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.

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