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(G4) Directional Signals Still Bearish

  • RES 4: $84.18 - High Oct 24
  • RES 3: $82.64 - High Nov 3
  • RES 2: $79.67 - High Nov 30 and a key short-term resistance
  • RES 1: $76.18 - High Dec 26
  • PRICE: $75.02 @ 11:15 GMT Jan 12
  • SUP 1: $69.28 - Low Jan 03
  • SUP 2: $67.98 - Low Dec 13 and the bear trigger
  • SUP 3: $65.24 - Low May 4 and a key support
  • SUP 4: $63.79 - 2.236 proj of the Sep 28 - Oct 6 - Oct 20 price swing

Trend signals in WTI futures remain bearish. The latest recovery and today’s gains appear to be a correction, for now. Resistance to watch is $74.51, the 50-day EMA. It has been pierced today, a clear break would strengthen a bullish theme and expose $76.18, the Dec 26 high. Moving average studies remain in a bear-mode position, highlighting a downtrend. The trigger for a resumption of the trend is $67.98, Dec 13 low.

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