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(Z1) Clears Its 20-day EMA

WTI TECHS
  • RES 4: $88.96 - 1.382 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 3: $87.45 - 1.236 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 2: $86.00 - Round number resistance
  • RES 1: $83.08/85.41 - High Nov 3 / High Oct 25 and the bull trigger
  • PRICE: $80.38 @ 07:10 GMT Nov 4
  • SUP 1: $79.69 - Low Nov 3
  • SUP 2: $78.78 - Low Oct 13
  • SUP 3: $77.10 - 50-day EMA
  • SUP 4: $74.67 - Low Oct 7 and key near-term support

WTI futures are weaker. Yesterday's sell-off resulted in a breach of support at $80.58, Oct 28 low and note that price has also cleared the 20-day EMA. This suggests scope for a deeper corrective pullback. The move lower has opened the 50-day EMA at $77.10. This EMA is seen as a key short-term support and a clear break would suggest scope for a deeper pullback. Key resistance has been defined at $85.41, the Oct 25 high.

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