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WTI TECHS: (X4) Corrective Cycle Still In Play

WTI TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $77.45 - High Aug 12 and key resistance 
  • RES 3: $76.40 - High Aug 26 
  • RES 2: $72.58 - 50-day EMA  
  • RES 1: $71.53 - High Sep 19    
  • PRICE: $71.06 @ 11:17 BST Sep 19
  • SUP 1: $64.61 - Low Sep 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: $57.069 - 2.2368 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures have traded higher this week. The recovery since Sep 9, appears - for now - 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 $63.89 next, a Fibonacci projection point. The 20-day EMA, at $70.20, has been pierced. The next key resistance is $72.52, the 50-day EMA.

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  • RES 4: $77.45 - High Aug 12 and key resistance 
  • RES 3: $76.40 - High Aug 26 
  • RES 2: $72.58 - 50-day EMA  
  • RES 1: $71.53 - High Sep 19    
  • PRICE: $71.06 @ 11:17 BST Sep 19
  • SUP 1: $64.61 - Low Sep 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: $57.069 - 2.2368 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures have traded higher this week. The recovery since Sep 9, appears - for now - 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 $63.89 next, a Fibonacci projection point. The 20-day EMA, at $70.20, has been pierced. The next key resistance is $72.52, the 50-day EMA.