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(F4) Trend Needle Still Points South

WTI TECHS
  • RES 4: $83.20 - High Nov 3
  • RES 3: $79.85 - 50-day EMA
  • RES 2: $79.65 - High Nov 14 and a key short-term resistance
  • RES 1: $77.80 - 20-day EMA
  • PRICE: $76.63 @ 06:59 GMT Nov 29
  • SUP 1: $72.37 - Low Nov 16 and the bear trigger
  • 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 is unchanged and remains bearish. Attention is on support at $72.37, the Nov 16 low. A break of this level would confirm a resumption of the downtrend that started late September and maintain a price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting a downtrend. Key resistance is unchanged at $79.65, the Nov 14 high.

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