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WTI TECHS: (H5) Bear Threat Remains Present

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $83.40 - 76.4% retrace of the Jul 5 - Sep 10 bear leg (cont)    
  • RES 3: $81.26 - 3.382 proj of the Nov 18 - 22 - Dec 6 price swing  
  • RES 2: $80.63 - 3.236 proj of the Nov 18 - 22 - Dec 6 price swing
  • RES 1: $75.18/79.48 - High Feb 3 / High Apr 12 ‘24   
  • PRICE: $71.60 @ 07:28 GMT Feb 14
  • SUP 1: $70.43/22 - Low Feb 6 and the bear trigger / Low Feb 13   
  • SUP 2: $68.05 - Low Dec 20 ‘24
  • SUP 3: $66.55 - Low Dec 6 ‘24
  • SUP 4: $65.80 - Low Oct 29 ‘24 and a key support  

WTI futures have pulled back from Tuesday high and price has again traded below the 50-day EMA - at $72.14. Attention is on $70.43, the Feb 6 low. It has been pierced, a clear break would undermine a bullish theme and confirm a breach of the 50-day EMA. This would strengthen a bearish threat and open $68.05, the Dec 20 ‘24 low. Key S/T resistance has been defined at $75.18. A move above this level is required to reinstate a bull theme.

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  • RES 4: $83.40 - 76.4% retrace of the Jul 5 - Sep 10 bear leg (cont)    
  • RES 3: $81.26 - 3.382 proj of the Nov 18 - 22 - Dec 6 price swing  
  • RES 2: $80.63 - 3.236 proj of the Nov 18 - 22 - Dec 6 price swing
  • RES 1: $75.18/79.48 - High Feb 3 / High Apr 12 ‘24   
  • PRICE: $71.60 @ 07:28 GMT Feb 14
  • SUP 1: $70.43/22 - Low Feb 6 and the bear trigger / Low Feb 13   
  • SUP 2: $68.05 - Low Dec 20 ‘24
  • SUP 3: $66.55 - Low Dec 6 ‘24
  • SUP 4: $65.80 - Low Oct 29 ‘24 and a key support  

WTI futures have pulled back from Tuesday high and price has again traded below the 50-day EMA - at $72.14. Attention is on $70.43, the Feb 6 low. It has been pierced, a clear break would undermine a bullish theme and confirm a breach of the 50-day EMA. This would strengthen a bearish threat and open $68.05, the Dec 20 ‘24 low. Key S/T resistance has been defined at $75.18. A move above this level is required to reinstate a bull theme.