(U2) Finds Resistance At The 50-Day EMA

• RES 4: $113.87 - High Jun 17
• RES 3: $111.14 - High Jun 29 and a key near-term resistance
• RES 2: $108.28 - High Jul 5
• RES 1: $101.88 - High Jul 29
• PRICE: $93.82 @ 07:14 BST Aug 2
• SUP 1: $92.42/88.23 - Low Aug 01 / 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 traded sharply lower Monday. The contract has recently failed to clear the key resistance around the 50-day EMA - the average intersects at $100.49. Price has also pierced support at $93.01, the Jul 25 low. A clear break would strengthen bearish conditions and open $88.23, the Jul 14 low and key support. Key resistance has been defined at $101.88, the Jul 29 high. A break of this level is required to reinstate a bullish theme.