(G19) Recovery Rally Extends *RES 4:.....>

WTI TECHS: (G19) Recovery Rally Extends 

*RES 4: $72.29 - High Oct 17 

*RES 3: $62.91 - 200-dma 

*RES 2: $58.36 - High Nov 15

*RES 1: $54.77 - High Dec 4 

*PRICE: $53.95 @ 6:06 GMT Jan 21 

*SUP 1: $50.38 - Low Jan 14 

*SUP 1: $48.89 - 21-dma 

*SUP 2: $42.36 - Dec 24 low 

*SUP 3: $42.05 - June 21, 2017 (continuation chart) 

WTI futures posted new recovery highs on Friday to trigger an inverse head and

shoulders pattern initially targeting the Dec 4 high at $54.77. Above here would

open the Nov 15 high at $58.36 ahead of the 200-dma at $62.91. Bears need to

break below $50 to stabilise the outlook and target a break of the 21-dma at

$48.89. Below here would bring the Dec 24 low at $42.36 back into focus.