(G2) Probes Key Resistance

• RES 4: $78.59 - High Nov 24
• RES 3: $77.59 - High Nov 26
• RES 2: $74.54 - 61.8% retracement of the Oct - Dec sell-off
• RES 1: $73.27 - Intraday high
• PRICE: $72.77 @ 07:05 GMT Dec 23
• SUP 1: $68.56/66.12 - Low Dec 21 / Low Dec 20
• SUP 2: $65.45 - Low Dec 3
• SUP 3: $62.26 - Low Dec 2 and the bear trigger
• SUP 4: $60.52 - Low Aug 20 and a key support

WTI futures have recovered from Monday’s low of $66.12 and once again traded higher yesterday. The contract has probed key near-term resistance at $73.13, the Dec 9 high. A clear break of this hurdle would remove the recent bearish threat and instead suggest scope for a stronger recovery towards $74.54 initially, a Fibonacci retracement. Key short-term support has been defined at Monday’s $66.12 low.