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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: $71.61 @ 07:14 BST Sep 20
  • SUP 1: $67.58/64.61 - Low Sep 13 / 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 traded higher last week and maintained a firmer tone. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA, at $70.27, has been pierced. The next key resistance is $72.46, the 50-day EMA. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.

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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: $71.61 @ 07:14 BST Sep 20
  • SUP 1: $67.58/64.61 - Low Sep 13 / 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 traded higher last week and maintained a firmer tone. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA, at $70.27, has been pierced. The next key resistance is $72.46, the 50-day EMA. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.