(U19) Pressuring the Pivot Point *RES.....>

WTI TECHS: (U19) Pressuring the Pivot Point

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

*RES 3: $60.17 - High Jul 16

*RES 2: $58.52 - High Jul 31

*RES 1: $55.66/72 - Close Aug 2/ pivotal resistance

*PRICE: $54.96 @ 07:33 BST Aug 5

*SUP 1: $54.38 - 23.6% retracement of Apr 23 decline

*SUP 2: $53.59/39 - Low Aug 1/ Major trendline support

*SUP 3: $50.60 - Low Jun 5/ 23.6% retracement of Oct 3 2018 decline

*SUP 4: $45.95 - Long-term trendline support

WTI pressured the pivot point on Friday but closed below. With this in mind,

eyes continue to be drawn to the major up trendline support developed since the

beginning of the year, which comes in at $53.39. A break below here returns the

focus to the $50.60 June lows. To improve the outlook, bulls need to see a close

above the pivot point which now comes in at $55.72.