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(Z20) Bearish Extension

WTI TECHS
  • RES 4: $39.83 High Oct 27
  • RES 3: $39.28 20-day EMA
  • RES 2: $36.93 Low Oct 2 and a recent breakout level
  • RES 1: $35.28 Intraday high
  • PRICE: $34.37 @ 07:00 GMT Nov 2
  • SUP 1: $33.64 - Intraday low
  • SUP 2: $33.12 - Low May 22 and a key support
  • SUP 3: $32.58 - 61.8% retracement of the Apr - Aug rally
  • SUP 4: $32.13 - Low May 18

WTI has traded sharply lower again today. A bearish theme was reinforced last week following the break of the key support handle at $36.93, low from Oct 2. The break lower confirms a resumption of the downtrend that started late August. The focus is on $32.58 next, 61.8% retracement of the Apr - Aug rally. On the upside, initial firm resistance is at last week's breakout level of $36.93.

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