(U4) Bearish Cycle Remains Intact

• RES 4: $90.00 - Psychological round number
• RES 3: $87.43 - 1.00 proj of the Dec 13 ‘23 - Apr 12 - Jun 4 swing
• RES 2: $84.36 - High Apr 12 and the bull trigger
• RES 1: $78.71/83.58 - 50-day EMA / High Jul 5
• PRICE: $76.88 @ 07:13 BST Aug 2
• SUP 1: $74.59 - Low Jul 30
• SUP 2: $72.23 - Low Jun 4 and a key support
• SUP 3: $70.73 - Low Feb 5
• SUP 4: $69.16 - Low Dec 13 2023

A bear threat in WTI futures remains present and Wednesday’s strong bounce is considered corrective - for now. The recent breach of both the 20- and 50-day EMAs, reinforces a bear theme. A continuation lower would open $72.23, the Jun 4 low and the next key support. For bulls, a reversal higher would instead refocus attention on the key resistance points at $83.58, the Jul 5 high, and $84.36, the Apr 12 high.