(G20) Still Seen Trading Heavy *RES 4:....>

WTI TECHS: (G20) Still Seen Trading Heavy

*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: $59.27 - High Jan 13

*PRICE: $58.47 @ 06:21 GMT Jan 17

*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

WTI was slightly firmer yesterday but remains weak overall. 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 seen at $60.31, Jan 9 high.