(G1) Trading Below Recent Highs

• 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: $48.34 @ 06:09 GMT Dec 31
• SUP 1: $46.16 - Low Dec 23
• SUP 2: $45.14 - Low Dec 9 and key support
• SUP 3: $44.87/10 - 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 $47.03 has been probed recently. A clear break together with a breach of $46.16, Dec 23 low would open $45.14, the Dec 9 low. The underlying trend is bullish though, a move above $49.43 would instead confirm a resumption of the uptrend.