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(Z20) Bounce Considered Corrective

WTI TECHS
  • RES 4: $41.90 - High Oct 20 and a key resistance
  • RES 3: $41.02 - High Oct 22
  • RES 2: $39.86 - 50-day EMA
  • RES 1: $38.92 - Intraday high
  • PRICE: $38.13 @ 07:05 GMT Nov 4
  • SUP 1: $36.57 - Low Nov 3
  • SUP 2: $33.64 - Low Nov 2 and the bear trigger
  • SUP 3: $33.12 - Low May 22 and a key support
  • SUP 4: $32.58 - 61.8% retracement of the Apr - Aug rally

WTI futures have rebounded sharply higher this week defining a key support at $33.64, Nov 2 low. Price is testing a key resistance zone between $38.91 and $39.86, the 20- and 50-day EMAs. Clearance of this zone would strengthen bullish conditions and signal scope for a stronger recovery. A return lower would instead refocus attention on support at $33.64, where a break would mark a resumption of the downtrend.

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