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WTI TECHS: (X4) Bear Reversal Threat

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $82.59 - High Apr 12 and a key resistance   
  • RES 3: $81.75 - High Jul 5 
  • RES 2: $79.69 - High Jul 18
  • RES 1: $76.24/78.46 - High Oct 10 / 8 and the bull trigger   
  • PRICE: $70.53 @ 07:09 BST Oct 17
  • SUP 1: $69.64 - Low Oct 16    
  • SUP 2: $66.33/64.61 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures gapped lower Tuesday and this resulted in a break of the Oct 9 low. A bearish extension would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend.

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  • RES 4: $82.59 - High Apr 12 and a key resistance   
  • RES 3: $81.75 - High Jul 5 
  • RES 2: $79.69 - High Jul 18
  • RES 1: $76.24/78.46 - High Oct 10 / 8 and the bull trigger   
  • PRICE: $70.53 @ 07:09 BST Oct 17
  • SUP 1: $69.64 - Low Oct 16    
  • SUP 2: $66.33/64.61 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures gapped lower Tuesday and this resulted in a break of the Oct 9 low. A bearish extension would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would instead refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend.