WTI TECHS: (Z4) Corrective Cycle Still In Play

• 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: $72.67 - High Nov 5   
• PRICE: $71.61 @ 07:17 GMT Nov 7
• 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 latest recovery, including this week’s  gains, appears to be a correction. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal would instead refocus attention on the key S/T resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial resistance is $72.67, the Nov 5 high.