(Q19) Trendline support cleared *RES 4:...>

WTI TECHS: (Q19) Trendline support cleared

*RES 4: $61.35 - High May 23

*RES 3: $60.94 - High Jul 11 and key resistance

*RES 2: $60.06 - High Jul 16

*RES 1: $59.34 - Former trendline support drawn off the low of Jun 18

*PRICE: $57.68 @ 07:03 BST Jul 17

*SUP 1: $57.07 - Low Jul 16

*SUP 2: $56.04 - Low Jul 3 and key support

*SUP 3: $55.86 - 50.0% retracement of the rally between Jun 5-Jul 11

*SUP 4: $54.67 - 61.8% retracement of the rally between Jun 5-Jul 11

WTI cleared trendline support yesterday. A sharp sell-off yesterday has seen the

technical picture change following last weeks bullish developments. The recent

failure at 61.8% of the downleg between Apr 23-Jun 5 is weighing on WTI. As a

result, it is likely to remain vulnerable near-term and attention turns to the

area of support at 56.04, the low of Jul 3. This support lies just above 50% of

the Jun 5-Jul 11 rally. Resistance at the former trendline support is at 59.34.