(H4) Bear Threat Still Present

• RES 4: $86.68 - High Sep 19 and a key resistance
• RES 3: $85.71 - High Oct 20
• RES 2: $82.34 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
• RES 1: $76.95/79.29 - High Feb 1 / High Jan 29 and a key resistance
• PRICE: $74.21 @ 07:01 GMT Feb 8
• SUP 1: $70.62 - Low Jan 17
• SUP 2: $69.56 - Low Jan 3
• SUP 3: $68.28 - Low Dec 13 and the bear trigger
• SUP 4: $65.63 - Low Jun 12

WTI futures remain soft following last week’s steep sell-off and short-term gains are considered corrective. A resumption of weakness would expose support at $70.62, the Jan 17 low, and $69.56, the Jan 3 low. For bulls, a reversal higher is required to refocus attention on the key short-term resistance at $79.29, the Jan 29 high. Clearance of this level would reinstate a bullish theme. Initial resistance is at $76.95, the Feb 1 high.