Free Trial

(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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.