(U2) Trend Condition Remains Bearish

• RES 4: $113.87 - High Jun 17
• RES 3: $111.14 - High Jun 29 and a key near-term resistance
• RES 2: $101.62/108.28- 50-day EMA / High Jul 5
• RES 1: $99.58 - 20-day EMA
• PRICE: $93.94 @ 07:12 BST Jul 25
• SUP 1: $91.64/88.23 - Low Jul 15 / 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 trend conditions remain bearish. The contract continues to trade below the 50-day EMA that intersects at $101.62. Clearance of this average is required to strengthen bullish conditions and signal a stronger reversal. A continuation lower would open $88.23, the Jul 14 low and bear trigger. A breach of this level would confirm a resumption of the current downtrend and this would open $85.37, the Mar 15 low.