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OIL TECHS: (V18) Bearish Below $70
*RES 4: $80.00 - Resistance
*RES 3: $79.00 - Measured move target from triangle breakout
*RES 2: $71.63 - High May 22
*RES 1: $71.40 - High Sep 4
*PRICE: $68.88 @ 06:24 GMT
*SUP 1: $66.86 - Low Sep 7
*SUP 2: $65.98 - Low Aug 22
*SUP 3: $63.89 - Low Aug 16
*SUP 4: $62.60 - Low June 18
The failure to recover the $70 level last week keeps the risk of a topping
pattern in WTI elevated, with bears looking to break below the Sep 7 low at
$66.86 to strengthen their case. A close below the Aug 16 lows would suggest a
topping pattern is in play, opening up the June 18 lows. The bigger picture
remains constructive for now, but a break above the Sep 4 high of $71.40 is
needed to cement a bullish breakout.