(U20) Bearish Threat Develops

• RES 4: $46.76 - High Mar 6
• RES 3: $44.38 - Low Mar 2
• RES 2: $42.51 - High Jul 21 and the bull trigger
• RES 1: $41.93 - High Jul 28
• PRICE: $40.24 @ 07:12 BST Jul 31
• SUP 1: $38.72 - Low Jul 30
• SUP 2: $37.32 - Low Jun 25 and a reversal trigger
• SUP 3: $35.01- Low Jun 15 and key support
• SUP 4: $33.25 - Low May 29

WTI futures extended this week's sell-off and yesterday traded sharply lower. Yesterday's recovery off $38.72 however has defined a key near-term pivot support that if breached would set the scene for a deeper pullback and open $37.32, Jun 25 low. A breach of this latter level would also signal the start of a more significant reversal. On the upside, key resistance and the trigger for a resumption of the uptrend is at $42.51, Jul 21 high.