(G3) Corrective Bounce Extends

• RES 4: $86.26 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
• RES 3: $84.10 - High Nov 17
• RES 2: $83.27 - High Dec 1 and a key resistance
• RES 1: $81.50 - High Jan 3 and the bull trigger
• PRICE: $81.13 @ 07:10 GMT Jan 18
• SUP 1: $77.26/72.46 - 20-day EMA / 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 traded higher last week and the bull theme remains intact as the contract extends its climb. The move higher has exposed resistance at $81.50, the Jan 3 high and a bull trigger. Clearance of this hurdle is required to strengthen a bullish theme and open $83.27, the Dec1 high. The broader trend outlook still appears bearish. A reversal lower would expose the bear trigger that has been defined at $70.31, the Dec 9 low.