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WTI TECHS: (F20) Slips Through Trendline Support
*RES 4: $58.90 - 76.4% retracement of Sep 16 - Oct 3 decline
*RES 3: $58.64 - High Sep 23
*RES 2: $58.17 - High Nov 18
*RES 1: $57.21 - High Nov 19
*PRICE: $55.29 @ 06:31 GMT Nov 20
*SUP 1: $55.16 - Low Nov 18
*SUP 2: $54.43 - 50.0% retracement of Oct 3 - Nov 18 rally
*SUP 3: $53.84 - Low Oct 31 and key support
*SUP 4: $52.85 - Low Oct 21
WTI traded lower Tuesday resulting in a break of trendline support at $56.08.
The trendline is drawn off the Oct 10 low. The break lower undermines the recent
uptrend and also signals a potential reversal. This has opened $53.84 initially,
Oct 31 low and $53.55, the 61.8% retracement of the Oct 3 - Nov 18 rally. On the
upside, a move above yesterday's high of $57.21 is needed to resume a bullish
focus and refocus attention on key resistance at $58.17.