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WTI TECHS: (F20) Uptrend Intact
*RES 4: $60.83 - High Sep 17
*RES 3: $58.90 - 76.4% retracement of Sep 16 - Oct 3 decline
*RES 2: $58.64 - High Sep 23
*RES 1: $58.17 - High Nov 18
*PRICE: $56.95 @ 06:51 GMT Nov 19
*SUP 1: $56.08 - Trendline support drawn off Oct 10 low
*SUP 2: $55.77 - Low Nov 8 and key support
*SUP 3: $53.84 - Low Oct 31
*SUP 4: $52.52 - Low Oct 15
WTI traded lower yesterday following a rejection off the day high of $58.17. The
outlook however remains bullish with a positive price sequence of higher highs
and higher lows still in place. Furthermore, momentum studies point north
marking a constructive set-up for bulls. Scope is seen for a climb to $58.90,
the next retracement objective. On the downside, key support has been defined
$55.77, low Nov 8. A break would represent a concern for bulls.