(V19) Failure at trendline weighs *RES....>

WTI TECHS: (V19) Failure at trendline weighs

*RES 4: $58.86 - High Jul 31

*RES 3: $57.40 - High Aug 13 and key resistance

*RES 2: $56.14/57.13 - 50-day EMA / High Aug 21

*RES 1: $55.60 - Trendline resistance drawn off the Jul 15 high

*PRICE: $53.91 @ 06:48 BST Aug 27

*SUP 1: $52.96 - Low Aug 26

*SUP 2: $51.84 - Low Aug 8

*SUP 3: $50.50 - Aug 7 low and key bear trigger

*SUP 4: $50.00 - Round number support

WTI breached trendline resistance on Aug 21 at $56.29, drawn off the Jul 15

high. However bulls failed to hold onto that days high, resulting in a strong

sell-off. Furthermore, price action failed to tackle key resistance at $57.40,

the Aug 13 high. These developments reinforce a bearish theme with weakness seen

likely near-term. The focus is on major support at $50.50, the low of Aug 7. On

the upside, a break of $57.40 is needed to reinstate a bullish theme.