(V18) Bearish Below $70 *RES 4: $80.00....>

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.