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(U1) Eyeing Key Support

WTI TECHS
  • RES 4: $74.90 - High Jul 13
  • RES 3: $74.23 - High Jul 30 and a key resistance
  • RES 2: $71.96 - High Aug 3
  • RES 1: $69.62 - High Aug 12
  • PRICE: $66.84 @ 06:47 BST Aug 18
  • SUP 1: $65.73 - Low Aug 16
  • SUP 2: $65.01/64.60 - Low Jul 20 / 76.4% of the May 21 - Jul 6 rally
  • SUP 3: $63.10 - Low May 24
  • SUP 4: $61.06 - Low May 21 and key support

WTI futures remain in a broad corrective bearish cycle. Attention is on the key support at $65.01, Jul 20 low. A break of this bear trigger is required to strengthen a bearish case and this would signal scope for a deeper retracement. Moving average studies remain in bull mode, however a switch would highlight a stronger bearish threat. Initial resistance to watch is $69.62, Aug 12 high. A break would be positive.

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