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(U2) Clears The Bear Trigger

WTI TECHS
  • RES 4: $111.14 - High Jun 29
  • RES 3: $108.28 - High Jul 5
  • RES 2: $101.88 - High Jul 29 and key resistance
  • RES 1: $95.05/96.98 - High Aug 11 / 50-day EMA values
  • PRICE: $87.63 @ 06:59 BST Aug 17
  • SUP 1: $85.73 - Low Aug 16
  • 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 traded lower again Tuesday. This week’s move down has resulted in a print below support at $87.01, the Aug 5 low. The weakness reinforces bearish conditions and the break of $87.01 confirms a resumption of the downtrend. This has opened $85.37, the Mar 15 low and also exposes the $85.00 handle. On the upside, key short-term resistance has been defined at $95.05, the Aug 11 high.

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