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(G3) Watching Resistance At The 50-Day EMA

WTI TECHS
  • RES 4: $88.10 - High Nov 11
  • RES 3: $86.14 - High Nov 16
  • RES 2: $83.27 - High Dec 1 and a key resistance
  • RES 1: $79.56/81.18 - 50-day EMA / High Dec 27
  • PRICE: $78.96 @ 07:15 GMT Dec 30
  • SUP 1: $73.40/70.31 - Low Dec 16 / 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 price is trading closer to its recent highs. The contract has cleared the 20-day EMA. Price has also traded above resistance at $79.56, the 50-day EMA and a key hurdle for bulls. A clear break of this average would strengthen the short-term bullish outlook. Initial key support to watch has been defined at $73.40, the Dec 16 low.

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