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(G1) Off Recent Highs

WTI TECHS
  • RES 4: $56.27 - 1.236 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $52.11 - 1.00 proj of Apr - Aug rally from the Nov 2 low
  • RES 2: $50.00 - Psychological round number
  • RES 1: $49.43 - High Dec 18 and the bull trigger
  • PRICE: $47745 @ 06:56 GMT Dec 21
  • SUP 1: $46.09/45.88 - 20-day EMA / Low Dec 14
  • SUP 2: $45.14 - Low Dec 9 and key support
  • SUP 3: $44.10 - Low Dec 2
  • SUP 4: $43.89 - 50-day EMA

WTI futures have also started the week on a softer note trading sharply lower off Friday's high of $49.43. Trend conditions are overbought and the sell-off does signal the possible start of a corrective phase. A deeper pullback would suggest scope for weakness towards $46.09, the 20-day EMA. Clearance of this average would allow for a deeper pullback. The underlying trend remains bullish though, a break of $49.43 resumes the trend.

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