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(U2) Remains Vulnerable

WTI TECHS
  • RES 4: $108.28 - High Jul 5
  • RES 3: $101.88 - High Jul 29 and key resistance
  • RES 2: $95.05/96.40 - High Aug 11 / 50-day EMA values
  • RES 1: $92.37 20-day EMA
  • PRICE: $89.98 @ 06:54 BST Aug 19
  • SUP 1: $85.73 - Low Aug 16
  • SUP 2: $85.37/00 - Low Mar 15 / Round number support
  • 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, despite having bounced from Wednesday's low. 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 a clear break of $87.01 would confirm a resumption of the downtrend. Attention is on $85.37, the Mar 15 low and 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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