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(Z2) Bearish Price Action

WTI TECHS
  • RES 4: $97.38 - 61.8% retracement of the Jun 8 - Sep 26 downleg
  • RES 3: $95.55 - High Aug 30
  • RES 2: $90.10/93.74 - High Nov 11 / 7 and key resistance
  • RES 1: $81.30/86.54 - Low Oct 18 / 50-day EMA
  • PRICE: $77.40 @ 07:08 GMT Nov 21
  • SUP 1: $75.70 - Low Sep 26 and a key medium-term support
  • SUP 2: $73.89 - 1.00 proj of the Aug 30 - Sep 26 - Nov 7 price swing
  • SUP 3: $70.00 - Round number support
  • SUP 4: $69.21 - 1.236 proj of the Aug 30 - Sep 26 - Nov 7 price swing

WTI futures remain bearish and the contract traded lower again Friday. This confirms an extension of the reversal from $93.74, Nov 7 high. Support at $81.30, Oct 18 low and a bear trigger, was cleared Friday. $79.96, 76.4% of the Sep 26 - Nov 7 bull phase has also been breached. Attention turns to $75.70, the Sep 26 low and the next key support. Initial firm resistance is seen at $86.54, the 50-day EMA.

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