(U19) Path of least resistance still......>

WTI TECHS: (U19) Path of least resistance still down

*RES 4: $61.02 - High Jul 11 and key resistance

*RES 3: $60.17 - High Jul 16

*RES 2: $58.49 - High Jul 17

*RES 1: $57.64 - High Jul 24

*PRICE: $56.05 @ 06:07 BST Jul 25

*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 $57.64, yesterday's high.