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(G2) Remains Vulnerable

WTI TECHS
  • RES 4: $77.59 - High Nov 26
  • RES 3: $74.54 - 61.8% retracement of the Oct - Dec sell-off
  • RES 2: $73.13/14- High Dec 9 / 50-day EMA
  • RES 1: $69.98 - High Dec 20
  • PRICE: $69.46 @ 07:06 GMT Dec 21
  • SUP 1: $66.12 - 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 weakened yesterday and despite bouncing off the day low, remains vulnerable. The move lower has resulted in a breach of support at $69.21 and this paves the way for a move towards $65.45, the Dec 3 low and more importantly towards the key support at $62.26, the Dec 2 low. Clearance of the latter level would reinforce the current bearish threat. On the upside, yesterday’s intraday high of $69.98 marks initial resistance.

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