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WTI TECHS: (V4) Trend Structure Remains Bearish

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: $73.61 - 50-day EMA  
  • RES 1: $70.97 - 20-day EMA     
  • PRICE: $70.56 @ 07:13 BST Sep 17
  • 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 are holding on to their latest gains. The move higher that started Sep 9, appears to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point. Initial firm resistance to watch is at $70.97, 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: $73.61 - 50-day EMA  
  • RES 1: $70.97 - 20-day EMA     
  • PRICE: $70.56 @ 07:13 BST Sep 17
  • 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 are holding on to their latest gains. The move higher that started Sep 9, appears to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point. Initial firm resistance to watch is at $70.97, the 20-day EMA.