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(Z1) Overbought Conditions Unwinds

WTI TECHS
  • RES 4: $87.45 - 1.236 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 3: $86.00 - Round number resistance
  • RES 2: $84.97/85.41 - High Nov 10 / High Oct 25 and the bull trigger
  • RES 1: $81.81 - High Nov 16
  • PRICE: $77.64 @ 07:15 GMT Nov 18
  • SUP 1: $76.13 - 38.2% retracement of the Aug 23 - Oct 25 rally
  • SUP 2: $74.67 - Low Oct 7 and key near-term support
  • SUP 3: $72.82 - Low Sep 30
  • SUP 4: $71.29 - Low Sep 23

WTI futures traded lower yesterday and futures have cleared $78.25, Nov 4 low. The break signals scope for a deeper corrective pullback as the recent overbought condition continues to unwind. Potential is seen for weakness towards $74.67, Oct 7 low. On the upside, initial firm resistance has been defined at $81.81, Nov 16 high where a break is required to ease the developing bearish theme.

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