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WTI TECHS: (V4) Bear Leg Extension 

WTI TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $78.54 - High Aug 12 and key resistance 
  • RES 3: $77.60 - High Aug 26 
  • RES 2: $74.45 - 50-day EMA  
  • RES 1: $69.08/72.01 - High Sep 10 / 20-day EMA     
  • PRICE: $66.35 @ 07:18 BST Sep 11
  • SUP 1: $65.27 - Low Sep 10   
  • SUP 2: $63.93 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $60.00 - Psychological round number 
  • SUP 4: $56.79 - 2.318 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirms an extension of the bear cycle. This also  maintains the price sequence of lower lows and lower highs. A continuation lower would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Short-term gains would be considered corrective. Firm resistance is at $72.01, the 20-day EMA.

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  • RES 4: $78.54 - High Aug 12 and key resistance 
  • RES 3: $77.60 - High Aug 26 
  • RES 2: $74.45 - 50-day EMA  
  • RES 1: $69.08/72.01 - High Sep 10 / 20-day EMA     
  • PRICE: $66.35 @ 07:18 BST Sep 11
  • SUP 1: $65.27 - Low Sep 10   
  • SUP 2: $63.93 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $60.00 - Psychological round number 
  • SUP 4: $56.79 - 2.318 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirms an extension of the bear cycle. This also  maintains the price sequence of lower lows and lower highs. A continuation lower would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Short-term gains would be considered corrective. Firm resistance is at $72.01, the 20-day EMA.