WTI TECHS: (V4) Trend Needle Points South

• RES 4: $78.54 - High Aug 12 and key resistance 
• RES 3: $77.60 - High Aug 26 
• RES 2: $74.80 - 50-day EMA  
• RES 1: $72.67 - 20-day EMA     
• PRICE: $68.45 @ 07:17 BST Sep 10
• SUP 1: $67.17 - Low Sep 6   
• SUP 2: $66.66 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing
• SUP 3: $65.30 - 1.50 proj of the Apr 12 - Jun 4 - Jul 5 price swing
• SUP 4: $63.93 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures remain in a bearish condition and last week’s impulsive sell-off reinforces this theme. The move down resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and opens $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $72.67, the 20-day EMA.