(G1) Bearish Risk Still Present

• RES 4: $52.11 - 1.00 proj of Apr - Aug rally from the Nov 2 low
• RES 3: $50.00 - Psychological round number
• RES 2: $49.43 - High Dec 18 and the bull trigger
• RES 1: $47.96 - High Dec 22
• PRICE: $46.43 @ 06:59 GMT Dec 23
• SUP 1: $46.16 - Intraday low
• SUP 2: $45.14 - Low Dec 9 and key support
• SUP 3: $44.17/10 - 50-day EMA / Low Dec 2
• SUP 4: $43.04 - Low Nov 24

WTI futures also started the week on a softer note trading sharply lower off the Dec 18 high of $49.43. Trend conditions are overbought and the sell-off does signal the start of a corrective phase. The 20-day EMA at $46.34 has been probed. A clear break would open $45.14, the Dec 9 low. The underlying trend remains bullish though, a move above $49.43 would instead confirm a resumption of the uptrend.