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(V2) Breaches Key Support

WTI TECHS
  • RES 4: $105.00 - High Jul 5
  • RES 3: $99.75 - High Jul 29 and key resistance
  • RES 2: $93.22/97.66 - 50-day EMA / High Aug 30
  • RES 1: $90.68 - 20-day EMA
  • PRICE: $85.24 @ 07:09 BST Sep 7
  • SUP 1: $84.10/00 - Low Mar 15 / Round number support
  • SUP 2: $81.88 - Low Feb 25
  • SUP 3: $79.83 - Low Feb 18
  • SUP 4: $78.54 - Low Feb 1

A bearish threat in WTI futures remains present and this has been reinforced today as price trades through key 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. Attention is on weakness towards $84.10 next, the Mar 15 low. Initial resistance is at $90.68, the 20-day EMA.

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