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(H3) Sharp Sell-Off Reinforces Bearish Condition

WTI TECHS
Homepagemarkets-real-timeCommoditiesEnergy BulletsBulletEnergy Technical Analysis
  • RES 4: $85.33 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
  • RES 3: $83.14 - High Dec 1 and a key resistance
  • RES 2: $80.49/82.66 - High Jan 30 / High Jan 18
  • RES 1: $78.56 - 50-day EMA
  • PRICE: $73.63 @ 07:04 GMT Feb 6
  • SUP 1: $72.74 - Low Jan 5 and a key support
  • SUP 2: $70.56 - Low Dec 9 and the bear trigger
  • SUP 3: $70.00 - Psychological round number
  • SUP 4: $67.44 - 1.236 proj of the Aug 25 - Sep 28 - Nov 7 price swing

A sharp sell-off on Friday in WTI futures has reinforced current bearish conditions. The move lower has exposed $72.74, Jan 5 low and the next key support. A break of this level would strengthen the current bearish theme and expose $70.56, the Dec 9 low and a bear trigger. Moving average studies are in a bear-mode position and this highlights current market sentiment. Initial firm resistance is seen at $78.56, the 50-day EMA.

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  • RES 4: $85.33 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
  • RES 3: $83.14 - High Dec 1 and a key resistance
  • RES 2: $80.49/82.66 - High Jan 30 / High Jan 18
  • RES 1: $78.56 - 50-day EMA
  • PRICE: $73.63 @ 07:04 GMT Feb 6
  • SUP 1: $72.74 - Low Jan 5 and a key support
  • SUP 2: $70.56 - Low Dec 9 and the bear trigger
  • SUP 3: $70.00 - Psychological round number
  • SUP 4: $67.44 - 1.236 proj of the Aug 25 - Sep 28 - Nov 7 price swing

A sharp sell-off on Friday in WTI futures has reinforced current bearish conditions. The move lower has exposed $72.74, Jan 5 low and the next key support. A break of this level would strengthen the current bearish theme and expose $70.56, the Dec 9 low and a bear trigger. Moving average studies are in a bear-mode position and this highlights current market sentiment. Initial firm resistance is seen at $78.56, the 50-day EMA.