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(X3) Bearish Corrective Cycle

WTI TECHS
  • RES 4: $97.08 - 1.236 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 3: $95.00 - Round number resistance
  • RES 2: $93.31 - 1.00 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 1: $92.43 - High Sep 19
  • PRICE: $88.61 @ 08:05 BST Sep 26
  • SUP 1: $87.17 - 20-day EMA
  • SUP 2: $83.49/82.89 - High Aug 10 / 50-day EMA
  • SUP 3: $77.32 - Low Aug 24
  • SUP 4: $73.40 - Low Jul 17

The uptrend in WTI futures remains intact, however, the contract has entered a short-term bearish corrective cycle. Today’s move lower reinforces this theme. Note that the trend condition is overbought and a move lower would allow this to unwind. The first key support to watch lies at $87.17, the 20-day EMA and is a potential short-term objective. On the upside, clearance of $92.43, the Sep 19 high, would confirm a resumption of the uptrend.

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