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(Z2) Remains Vulnerable

WTI TECHS
  • RES 4: $99.79 - High Jul 5
  • RES 3: $97.38 - 61.8% retracement of the Jun 8 - Sep 26 downleg
  • RES 2: $95.55 - High Aug 30
  • RES 1: $90.10/93.74 - High Nov 11 / 7 and key resistance
  • PRICE: $84.77 @ 07:08 GMT Nov 17
  • SUP 1: $84.06 - Low Nov 15
  • SUP 2: $81.30 - Low Oct 18 and a bear trigger
  • SUP 3: $78.36 - Low Sep 30
  • SUP 4: $75.70 - Low Sep 26 and a key medium-term support

WTI futures appear vulnerable following last week’s bearish price activity and the contract is trading at this week’s lows. A bearish shooting star candle on Nov 7 was followed by a bearish engulfing candle the following day and these patterns highlighted an early reversal signal. A continuation lower would open $81.30, the Oct 18 low and a key support. On the upside, key short-term resistance is at $93.74, Nov 7 high. A break of this hurdle would be bullish.

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