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(G4) Gains Considered Corrective

WTI TECHS
  • RES 4: $82.64 - High Nov 3
  • RES 3: $79.67 - High Nov 30 and a key short-term resistance
  • RES 2: $76.06 - 50-day EMA
  • RES 1: $75.37 - High Dec 20
  • PRICE: $74.21 @ 07:08 GMT Dec 21
  • SUP 1: $70.99 - Low Dec 18
  • SUP 2: $67.98/07 - Low Dec 13 and the bear trigger / Low Jun 23
  • 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

Bearish conditions in WTI futures remain intact and recent gains still appear to be a correction. Resistance to watch is $76.06, the 50-day EMA. A clear break of this hurdle would strengthen a bullish theme and highlight a stronger reversal. For bears, moving average studies are in a bear-mode position, highlighting a downtrend. The bear trigger lies at $67.98, the Dec 13 low. A break of this level would open $65.24, the May 4 low and a key support.

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