(V2) Bearish Threat Still Present

• RES 4: $105.00 - High Jul 5
• RES 3: $99.75 - High Jul 29 and key resistance
• RES 2: $92.20/97.66 - 50-day EMA / High Aug 30
• RES 1: $89.01 - 20-day EMA
• PRICE: $86.60 @ 08:30 BST Sep 12
• SUP 1: $81.20 - Low Sep 8 and the bear trigger
• SUP 2: $79.83 - Low Feb 18
• SUP 3: $78.54 - Low Feb 1
• SUP 4: $76.47 - Low Jan 24

A bearish threat in WTI futures remains present following last week’s move lower and break of support at $85.37, the Aug 16 low. The breach confirms a resumption of the downtrend that started Jun 8 and also highlights the end of a broad sideways move that has been in place since mid-July. The focus is on $79.83 next, the Feb 18 low. Initial resistance is at $89.01, the 20-day EMA. Short-term gains are considered corrective.