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(G1) Corrective Bearish Cycle

WTI TECHS
  • 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: $48.96 - High Dec 28
  • PRICE: $47.94 @ 07:26 GMT Dec 29
  • SUP 1: $46.16 - Low Dec 23
  • SUP 2: $45.14 - Low Dec 9 and key support
  • SUP 3: $44.60/10 - 50-day EMA / Low Dec 2
  • SUP 4: $43.04 - Low Nov 24

WTI futures began last week's session on a softer note trading sharply lower off the Dec 18 high of $49.43. Trend conditions are overbought and the sell-off signals the start of a corrective phase. The 20-day EMA at $46.76 has been probed recently. 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.

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