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(Z3) Bearish Correction Extends

WTI TECHS


  • RES 4: $98.27 - 1.382 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 3: $96.03 - 1.236 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 2: $92.48 - High Sep 28 and a bull trigger
  • RES 1: $85.90/89.85 - High Oct 27 / 20
  • PRICE: $82.86 @ 07:05 BST Oct 31
  • SUP 1: $80.20 - Low Oct 6 and key support
  • SUP 2: $77.74 - 50.0% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $75.47 - Low Jul 24
  • SUP 4: $74.26 - 61.8% retracement of the May 4 - Sep 28 bull run

WTI futures traded lower Monday as the pullback from $89.85, the Oct 20 high, extends. The medium-term trend condition is unchanged and remains bullish plus the recent move lower appears to be a correction. A resumption of gains would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $80.20, the Oct 6 low, would instead highlight a short-term top.

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