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(G3) Bearish Outlook

WTI TECHS
  • RES 4: $84.10 - High Nov 17
  • RES 3: $83.27 - High Dec 1 and a key resistance
  • RES 2: $81.50 - High Jan 3 and the bull trigger
  • RES 1: $76.69/78.80 - 20- and 50-day EMA values
  • PRICE: $74.75 @ 07:07 GMT Jan 9
  • SUP 1: $72.46 - Low Jan 5
  • SUP 2: $70.31 - Low Dec 9 and the bear trigger
  • SUP 3: $68.19 - 1.236 proj of the Aug 30 - Sep 28 - Nov 7 price swing
  • SUP 4: $65.47 - 1.382 proj of the Aug 30 - Sep 28 - Nov 7 price swing

WTI futures are trading closer to their recent lows. A bearish theme remains intact following the sell-off on Jan 3 and 4. Key support and the bear trigger lies at $70.31, the Dec 9 low. A break of this level would confirm a resumption of the broader downtrend and maintain a bearish price sequence of lower lows and lower highs. This would open $68.19, a Fibonacci projection. On the upside, key resistance is at $81.50, the Jan 3 high.

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