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(U2) Bearish Theme

WTI TECHS
  • RES 4: $113.87 - High Jun 17
  • RES 3: $111.14 - High Jun 29
  • RES 2: $108.28 - High Jul 5
  • RES 1: $97.06/101.88 - High Mar 8 / High Jul 29 and a key resistance
  • PRICE: $90.63 @ 07:04 BST Aug 4
  • SUP 1: $88.23 - Low Jul 14 and the bear trigger
  • SUP 2: $85.37 - Low Mar 15
  • SUP 3: $83.51 - 1.50 projection of the Jun 8 - 22 - 29 price swing
  • SUP 4: $81.34 - 1.618 projection of the Jun 8 - 22 - 29 price swing

WTI futures remain vulnerable and are trading at the most recent lows. The contract has recently failed to clear key resistance around the 50-day EMA - the average intersects at $99.87. Price has also breached support at $93.01, the Jul 25 low. The break lower strengthens bearish conditions and opens $88.23, Jul 14 low and a key support. Key resistance has been defined at $101.88, Jul 29 high. A break of this level would reinstate a bullish theme.

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