(V20) Consolidating, Attention Is On Recent Highs

• RES 4: $46.84 - High Mar 6
• RES 3: $45.00 - Round number resistance
• RES 2: $44.40 - Low Mar 2
• RES 1: $43.78 - High Aug 26 and the intraday bull trigger
• PRICE: $43.15 @ 06:32 BST Sep 2
• SUP 1: $41.46/26 - Low Aug 21 and key key support / 50-day EMA
• SUP 2: $39.89 - Low Aug 3
• SUP 3: $39.00 - Low Jul 10 and 30 and a reversal trigger
• SUP 4: $37.89 - Low Jun 29

WTI futures remain bullish but continue to consolidate. Last week, on Aug 26, the contract probed $43.68, Aug 5 high and the key bull trigger. A clear break is still required to confirm a resumption of the underlying uptrend that would open $45.00 initially. On the downside, key near-term support has been defined at $41.46, Aug 21 low. A breach of this support would highlight a bearish threat instead and signal the start of a deeper retracement.