(X2) Bear Cycle Extends

• RES 4: $98.95 - 61.8% retracement of the Jun 8 - Sep 26 downleg
• RES 3: $96.82 - High Aug 31
• RES 2: $90.07/93.64 - High Oct 12 / 10 and key resistance
• RES 1: $87.31 - 50-day EMA
• PRICE: $83.40 @ 07:07 BST Oct 19
• SUP 1: $82.09 - Low Oct 18
• SUP 2: $80.35 - 76.4% retracement points of the Sep 26 - Oct 10 rally
• SUP 3: $79.14 - Low Sep 30
• SUP 4: $76.25 - Low Sep 26 and the bear trigger

WTI futures traded lower again Tuesday. This reinforces the current bearish theme and highlights potential for a continuation lower. An extension would open $80.35, a Fibonacci retracement level and potentially $76.25 further out, the Sep 26 low. On the upside, a reversal higher and a resumption of gains would instead suggest scope for a climb towards the key short-term resistance at $93.64, the Oct 10 high. Initial firm resistance is at $90.07.