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(G4) Remains Below The 50-Day EMA

WTI TECHS
  • 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: $75.02/76.18 - 50-day EMA / High Dec 26
  • PRICE: $72.82 @ 07:13 GMT Jan 08
  • 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

Bearish conditions in WTI futures remain intact and short-term gains are considered corrective. Resistance to watch is $75.02, the 50-day EMA. The average was briefly pierced late December. A clear break of it 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 trigger for a resumption of the trend is $67.98, Dec 13 low.

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