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(G20) Bearish Focus *RES 4: $63.17 -......>

WTI TECHS
WTI TECHS: (G20) Bearish Focus
*RES 4: $63.17 - 61.8% retracement of yesterday's range
*RES 3: $62.40 - 50.0% retracement of yesterday's range
*RES 2: $61.63 - 38.2% retracement of yesterday's range
*RES 1: $60.68 - 23.6% retracement of yesterday's range
*PRICE: $59.76 @ 06:48 GMT Jan 8
*SUP 1: $59.15 - Low Jan 8
*SUP 2: $58.05 - 50% retracement of the Oct 3 - Jan 8 rally
*SUP 3: $57.62 - Low Dec 6
*SUP 4: $56.25 - 61.8% retracement of the Oct 3 - Jan 8 rally
WTI was extremely volatile yesterday with futures trading sharply lower off the
day high of $65.65. Significantly, price has traded below support at $60.63, Dec
31 low and this effectively suggests a top has been put in place for now. Unless
conditions in the Middle East deteriorate further, the technical outlook
suggests scope for a deeper pullback near-term. A break of yesterday's low at
$59,15 would open $58.05, a retracement level. Initial resistance is at $60.68.

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