WTI TECHS: (Q19) Downside likely to extend......>

OIL: WTI TECHS: (Q19) Downside likely to extend

*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: $55.85 @ 07:03 BST Jul 19

*SUP 1: $54.72/67 - Low Jul 318 / 61.8% of the Jun 5-Jul 11 rally

*SUP 2: $53..50 - Low Jun 19

*SUP 3: $53.19 - 76.4% retracement of the rally between Jun 5-Jul 11

*SUP 4: $51.72 - Low Jun 18

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

this week resulted in the technical picture changing following last weeks

bullish developments. Weakness this week has resulted in a low just short of the

61.8% retracement of the rally between Jun 5-Jul 11, at $54.67. A clear break of

this level would open the 76.4% retracement at $53.19. Initial resistance is at

$58.36, the high of Jul 17.