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WTI TECHS: (Z4) Bearish Theme Remains Intact

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $80.95 - High Jul 5  
  • RES 3: $78.81 - High Jul 18
  • RES 2: $75.45/77.70 - High Oct 10 / 8 and the bull trigger
  • RES 1: $72.88 - High Nov 7   
  • PRICE: $67.07 @ 07:12 GMT Nov 18
  • SUP 1: $66.72 - Low Oct 28     
  • SUP 2: $65.99/64.16 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.91 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced current conditions. Attention is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.88, the Nov 7 high.

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  • RES 4: $80.95 - High Jul 5  
  • RES 3: $78.81 - High Jul 18
  • RES 2: $75.45/77.70 - High Oct 10 / 8 and the bull trigger
  • RES 1: $72.88 - High Nov 7   
  • PRICE: $67.07 @ 07:12 GMT Nov 18
  • SUP 1: $66.72 - Low Oct 28     
  • SUP 2: $65.99/64.16 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.91 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced current conditions. Attention is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.88, the Nov 7 high.