(G20) Still Likely To Trade Heavy *RES....>

WTI TECHS: (G20) Still Likely To Trade Heavy

*RES 4: $61.69 - 50.0% retracement of the Jan 8 - Jan 14 sell-off

*RES 3: $60.75 - 38.2% retracement of the Jan 8 - Jan 14 sell-off

*RES 2: $60.31 - High Jan 9

*RES 1: $59.27 - High Jan 13

*PRICE: $58.06 @ 06:23 GMT Jan 15

*SUP 1: $57.72 - Low Jan 14

*SUP 2: $57.62 - Low Dec 6

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

*SUP 4: $55.01 - Low Nov 29

WTI remains weak and extended the recent decline again yesterday. Futures are

seen likely to trade heavy following the sharp sell-off from $65.65, Jan 8 high

last week. This also resulted in a break of support at $60.63, Dec 31 low to

effectively suggest a top has been put in place for now. With the technical

picture still bearish, attention is on $57.62, Dec 6 low and $56.25, a

retracement level. On the upside, resistance is seen at $60.31, Jan 9 high.