(V19) Fails at the trendline *RES 4:......>

WTI TECHS: (V19) Fails at the trendline

*RES 4: $60.17 - High Jul 16

*RES 3: $58.82 - High Jul 31

*RES 2: $57.40 - High Aug 13 and key resistance

*RES 1: $57.13 - High Aug 21

*PRICE: $55.50 @ 06:28 BST Aug 22

*SUP 1: $53.77 - Low Aug 15

*SUP 2: $51.94 - Low Aug 8

*SUP 3: $50.52 - Aug 7 low and key bear trigger

*SUP 4: $50.00 - Round number support

WTI breached trendline resistance yday at 56.29, drawn off Jul 15 high. However

bulls failed to hold onto the days high resulting in a close near the bottom of

the days range. In candle terms yday was a shooting star reversal and signals an

end to the recent correction. This is reinforced by the failure at the trendline

and an inability to tackle 57.40 resistance. Attention turns to support at 53.77

while a break of 57.40 is required to reinstate a bullish theme.