(V1) Needle Still Points North

• RES 4: $74.77 - High Jul 7 and the bull trigger
• RES 3: $73.52 - High Jul 30
• RES 2: $71.58 - Bear channel top drawn from the Jul 6 high
• RES 1: $70.74 - 764.% retracement of the Jul 30 - Aug 23 sell-off
• PRICE: $66.43 @ 07:05 BST Sep 9
• SUP 1: $67.12/65.41 - Low Aug 25 / Low Aug 24
• SUP 2: $61.74 - Low Aug 23 and key support
• SUP 3: $60.81 - 1.236 proj of the Jul 6 - 20 - 30 price swing
• SUP 4: $60.68 - Low May 21

WTI futures maintain a bullish tone despite recent weakness. The recovery from the Aug 23 low defined a key short-term support at $61.74, Aug 23 low where a break is required to reinstate a broader bearish theme. Short-term, further gains are likely and the focus is on $70.74 next, a Fibonacci retracement. On the downside, initial firm support lies at $67.12, Sep 1 low. A break would be seen as an initial bearish threat and potential reversal signal.