(Z1) Still Vulnerable Despite Bounce

• 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.