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(U2) Support Remains Exposed

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: $94.40/98.11 - 20- and 50-day EMA values
  • PRICE: $91.74 @ 07:14 BST Aug 11
  • SUP 1: $87.01 - Low Aug 5
  • 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. A doji candle pattern Tuesday highlights the possible end of the recent 3-day bounce between Aug 5 - 9. A resumption of weakness would expose $87.01, the Aug 5 low and the short-term bear trigger. A break of this level would confirm a resumption of the downtrend and open $85.37, the Mar 15 low. Key resistance has been defined at $101.88, Jul 29 high. Initial resistance is at $94.40, the 20-day EMA.

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