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(Z3) Bear Threat Still Present

WTI TECHS
  • RES 4: $92.48 - High Sep 28 and a bull trigger
  • RES 3: $89.85 - High Oct 20
  • RES 2: $85.90 - High Oct 27
  • RES 1: $80.20/83.60 - Low Oct 6 / High Nov 3 and a key resistance
  • PRICE: $78.46 @ 07:07 GMT Nov 13
  • SUP 1: $74.91 - Low Nov 8
  • SUP 2: $74.26 - 61.8% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $73.12 - Low Jul 17
  • SUP 4: $69.96 - 76.4% retracement of the May 4 - Sep 28 bull run

A bearish theme in WTI futures remains in play following last week’s sharp sell-off. The recent move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger reversal and a continuation lower would pave the way for a move towards $74.26, the 76.4% retracement of the May 4 - Sep 28 bull run. On the upside, initial firm resistance has been defined at $83.60. Short-term gains are considered corrective.

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