WTI TECHS: (Q19) Bearish following........>

WTI TECHS: WTI TECHS: (Q19) Bearish following trendline break

*RES 4: $61.35 - High May 23

*RES 3: $60.94 - High Jul 11 and key resistance

*RES 2: $60.06 - High Jul 16

*RES 1: $58.36 - High Jul 17

*PRICE: $56.69 @ 06:56 BST Jul 18

*SUP 1: $56.04 - Low Jul 3 and key support

*SUP 2: $55.86 - 50.0% retracement of the rally between Jun 5-Jul 11

*SUP 3: $55.61 - Bull channel base drawn off the Jun 12 low

*SUP 4: $54.67 - 61.8% retracement of the rally between Jun 5-Jul 11

WTI cleared trendline support on Tuesday and remains heavy. The sell-off this

week resulted in the technical picture changing following last weeks bullish

developments. The recent failure at 61.8% of the downleg between Apr 23-Jun 5

also weighs on WTI. As a result, it is likely to remain vulnerable near-term

with attention on the area of support at 56.04, the low of Jul 3. This support

lies just above 50% of the Jun 5-Jul 11 rally. Initial resistance is at $58.36.