(G20) Corrective Bounce *RES 4: $61.51....>

WTI TECHS: (G20) Corrective Bounce

*RES 4: $61.51 - 50.0% retracement of the Jan 8 - Jan 15 sell-off

*RES 3: $60.53 - 38.2% retracement of the Jan 8 - Jan 15 sell-off

*RES 2: $60.31 - High Jan 9

*RES 1: $59.73 - Intraday high

*PRICE: $59.14 @ 06:18 GMT Jan 20

*SUP 1: $57.36 - Low Jan 15

*SUP 2: $56.25 - 61.8% retracement of the Oct 3 - Jan 8 rally

*SUP 3: $55.01 - Low Nov 29

*SUP 4: $54.75 - Low Nov 20

Recent gains in WTI are being viewed as a correction with the outlook remaining

bearish. Futures are still seen likely to trade heavy following the sharp

sell-off on Jan 8 and the subsequent move lower. The recent sell-off also

resulted in a break of support at $60.63, Dec 31 low to effectively suggest a

top in the Oct 3 - Jan 8 uptrend. With the technical picture still bearish,

attention is on $56.25, a retracement level. Resistance is $60.31, Jan 9 high.