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(G3) Break Higher Exposes The 50-Day EMA

WTI TECHS
  • RES 4: $88.10 - High Nov 11
  • RES 3: $83.27 - High Dec 1
  • RES 2: $79.73 - 50-day EMA
  • RES 1: $78.87 - Intraday high
  • PRICE: $78.44 @ 07:02 GMT Dec 22
  • SUP 1: $73.33/70.31 - Low Dec 13 / 9 and the bear trigger
  • SUP 2: $68.19 - 1.236 proj of the Aug 30 - Sep 28 - Nov 7 price swing
  • SUP 3: $65.47 - 1.382 proj of the Aug 30 - Sep 28 - Nov 7 price swing
  • SUP 4: $63.28 - 1.50 proj of the Aug 30 - Sep 28 - Nov 7 price swing

Trend conditions in WTI futures remain bearish. However, recent gains have highlighted a bullish corrective cycle and this has resulted in break of the 20-day EMA, at $76.94. The move above this hurdle signals scope for an extension towards $79.73, the 50-day EMA and a key resistance. On the downside, a stronger reversal lower would refocus attention on the bear trigger which lies at $70.31, the Dec 9 low.

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