WTI TECHS: (V4) Trading Below Its Recent Highs

• RES 4: $83.45 - High Apr 12 and a medium-term bull trigger
• RES 3: $82.62 - High Jul 5 
• RES 2: $80.82 - High Jul 18  
• RES 1: $78.54 - High Aug 12 and key resistance     
• PRICE: $74.77 @ 07:19 BST Aug 29
• SUP 1: $73.82/70.88 - Low Aug 28 / Low Aug 5 and the bear trigger   
• SUP 2: $70.43 - Low Feb 5
• SUP 3: $68.92 - Low Dec 13 2023
• SUP 4: $66.66 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

WTI futures have recovered from their recent lows and the contract traded sharply higher Monday. However, price has pulled back from its latest highs and again traded lower yesterday. A resumption of gains would refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this level would highlight a stronger bullish reversal. For bears, an extension lower would once again expose the $70.88 key support.