(U19) Correction lower likely still.......>

WTI TECHS: (U19) Correction lower likely still

*RES 4: $60.94 - High Jul 11 and key resistance

*RES 3: $60.06 - High Jul 16

*RES 2: $58.36 - High Jul 17

*RES 1: $57.47 - High Jul 23

*PRICE: $56.94 @ 06:46 BST Jul 24

*SUP 1: $54.85/77 - Low Jul 18 / 61.8% of the Jun 5-Jul 11 rally

*SUP 2: $53.60 - Low Jun 19

*SUP 3: $53.30 - 76.4% retracement of the rally between Jun 5-Jul 11

*SUP 4: $51.85 - Low Jun 18

WTI cleared trendline support last Tuesday and the outlook remains bearish for

now. The sharp sell-off that dominated last week also resulted in a reversal of

the up-trend that had been in place since the low of Jun 5. Attention is on the

61.8% retracement of the rally between Jun 5-Jul 11, at $54.77. A clear break of

this level would open the 76.4% retracement at $53.30. On the upside, initial

resistance is at $57.47, yesterday's high.