(X3) Overbought Condition Unwinds

• 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: $88.94 @ 07:02 BST Sep 21
• SUP 1: $86.25/ - 20-day EMA
• SUP 2: $83.49/82.02 - 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. The trend condition is overbought and a move lower would allow this to unwind. The first key support to watch lies at $86.25, the 20-day EMA and is a potential short-term objective. On the upside, clearance of Tuesday’s $92.43 high would confirm a resumption of the uptrend and open $94.66, a Fibonacci projection.