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WTI TECHS: (X4) Bearish Outlook

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $79.69 - High Jul 18
  • RES 3: $77.70 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 2: $76.40 - High Aug 26 
  • RES 1: $71.77/72.40 - 50-day EMA / High Sep 24   
  • PRICE: $68.23 @ 07:10 BST Oct 1
  • SUP 1: $66.95/64.61 - Low Sep 26 / 10 and the bear trigger    
  • SUP 2: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $60.00 - Psychological round number 
  • SUP 4: $57.07 - 2.2368 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures have reversed a large part of their recent gains. This affirms the strength of resistance at the 50-day EMA of $71.77, which remains the key upside hurdle for bulls. The latest sell-off also highlights the fact that the recovery since Sep 9 is likely a correction. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A continuation lower would refocus attention on $64.61, the Sep 10 low and bear trigger.

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  • RES 4: $79.69 - High Jul 18
  • RES 3: $77.70 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 2: $76.40 - High Aug 26 
  • RES 1: $71.77/72.40 - 50-day EMA / High Sep 24   
  • PRICE: $68.23 @ 07:10 BST Oct 1
  • SUP 1: $66.95/64.61 - Low Sep 26 / 10 and the bear trigger    
  • SUP 2: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $60.00 - Psychological round number 
  • SUP 4: $57.07 - 2.2368 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures have reversed a large part of their recent gains. This affirms the strength of resistance at the 50-day EMA of $71.77, which remains the key upside hurdle for bulls. The latest sell-off also highlights the fact that the recovery since Sep 9 is likely a correction. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A continuation lower would refocus attention on $64.61, the Sep 10 low and bear trigger.