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(Z1) Still Vulnerable Despite Bounce

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: $83.42/85.41 - High Nov 4 / High Oct 25 and the bull trigger
  • PRICE: $82.21 @ 06:56 GMT Nov 8
  • SUP 1: $78.25 - Low Nov 4
  • SUP 2: $77.33- 50-day EMA
  • SUP 3: $74.67 - Low Oct 7 and key near-term support
  • SUP 4: $72.82 - Low Sep 30

WTI futures maintain a bearish tone despite the bounce off last week's low. The Nov 3-4 sell-off resulted in a breach of support at $80.58, Oct 28 low and note that price also cleared the 20-day EMA. This suggests scope for a deeper corrective pullback and has opened the 50-day EMA at $77.33. This EMA is seen as a key S/T support and a clear break would suggest scope for a deeper pullback. Key resistance and the bull trigger is $85.41, Oct 25 high.

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