WTI TECHS: (U2) Remains Vulnerable

• RES 4: $108.28 - High Jul 5
• RES 3: $101.88 - High Jul 29 and key resistance
• RES 2: $95.05/96.64 - High Aug 11 / 50-day EMA values
• RES 1: $92.57 20-day EMA
• PRICE: $88.08 @ 07:08 BST Aug 18
• SUP 1: $85.73 - Low Aug 16
• SUP 2: $85.37/00 - Low Mar 15 / Round number support
• SUP 3: $83.51 - 1.50 projection of the Jun 8 - 22 - 29 price swing
• SUP 4: $81.34 - 1.618 projection of the Jun 8 - 22 - 29 price swing

WTI futures remain vulnerable. This week’s move down has resulted in a print below support at $87.01, the Aug 5 low. The weakness reinforces bearish conditions and a clear break of $87.01 would confirm a resumption of the downtrend. Attention is on $85.37, the Mar 15 low and the $85.00 handle. On the upside, key short-term resistance has been defined at $95.05, the Aug 11 high.