WTI TECHS: (Q19) Deeper correction seen...>

OIL TECHS: WTI TECHS: (Q19) Deeper correction seen likely

*RES 4: $61.98 - 2.618 projection of the Apr 23-Jun 5 decline

*RES 3: $61.35 - High May 23

*RES 2: $60.28/33 - High Jul 1 and 61.8% retrace of the Apr 23 to Jun 5 decline

*RES 1: $59.43 - High Jul 2

*PRICE: $57.49 @ 06:34 BST Jul 8

*SUP 1: $56.04 - Low Jul 3

*SUP 2: $55.53 - 50% retracement of the Jun 5-Jul 1 rally

*SUP 3: $54.99 - High Jun 10 and former double bottom breakout point

*SUP 4: $54.42 - 61.8% retracement of the Jun 5-Jul 1 rally

WTI selling pressure is expected to dominate near-term following the failure on

Jul 1 to overcome the 61.8% retracement of the Apr 23-Jun 5 decline at $60.33.

This will allow for a deeper correction towards $55.53, the 50% retracement of

the Jun 5-Jul 1 rally. A move below this level would expose $54.99, the Jun 10

high and former key breakout point. On the upside, key resistance and the

trigger for a bullish resumption is last Monday's $60.28 high.