WTI oil stays in red on Tuesday and holds below daily cloud top, former strong support which was taken out on yesterday’s strong fall. Today’s action is holding within narrower range compared to yesterday’s span, with upside attempts being capped under daily cloud top (now acting as resistance at $47.01) but also holding above yesterday’s low at $46.14. Bearish signal was generated after break below triangle support line as well as break and close below daily cloud top. Bears need the final negative signal on close below cracked support at $46.44 (17 Aug trough) to confirm continuation of downmove from $50.41 (01 Aug peak). Bearish extension below $46.44 would target $45.39/24 (24 July trough/Fibo 61.8% of $42.04/$50.41 rally).
Res: 46.94, 47.01, 47.43, 47.67
Sup: 46.14, 45.80, 45.39, 45.24
