Free Trial

(G4) Trend Outlook Remains Bearish

WTI TECHS
  • RES 4: $82.64 - High Nov 3
  • RES 3: $79.67 - High Nov 30 and a key short-term resistance
  • RES 2: $76.23 - 50-day EMA
  • RES 1: $74.61 - High Dec 18
  • PRICE: $72.72 @ 07:12 GMT Dec 19
  • SUP 1: $67.98/07 - Low Dec 13 and the bear trigger / Low Jun 23
  • SUP 2: $65.24 - Low May 4 and a key support
  • SUP 3: $63.79 - 2.236 proj of the Sep 28 - Oct 6 - Oct 20 price swing
  • SUP 4: $60.00 - Round number support

Bearish conditions in WTI futures remain intact and the recent bounce appears to be a correction. Last week’s fresh trend low reinforces a bearish and the break of $69.08, Dec 7 low, confirms a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs and note that moving average studies are in a bear-mode position. The focus is on $67.07, the Jun 23 low. Resistance to watch is $76.23, the 20-day EMA.

164 words

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.
  • RES 4: $82.64 - High Nov 3
  • RES 3: $79.67 - High Nov 30 and a key short-term resistance
  • RES 2: $76.23 - 50-day EMA
  • RES 1: $74.61 - High Dec 18
  • PRICE: $72.72 @ 07:12 GMT Dec 19
  • SUP 1: $67.98/07 - Low Dec 13 and the bear trigger / Low Jun 23
  • SUP 2: $65.24 - Low May 4 and a key support
  • SUP 3: $63.79 - 2.236 proj of the Sep 28 - Oct 6 - Oct 20 price swing
  • SUP 4: $60.00 - Round number support

Bearish conditions in WTI futures remain intact and the recent bounce appears to be a correction. Last week’s fresh trend low reinforces a bearish and the break of $69.08, Dec 7 low, confirms a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs and note that moving average studies are in a bear-mode position. The focus is on $67.07, the Jun 23 low. Resistance to watch is $76.23, the 20-day EMA.