(H19) False Break Above $55 Warns Of A....>

WTI TECHS: (H19) False Break Above $55 Warns Of A Pullback

*RES 4: $76.90 - High Oct 17 (continuation chart) 

*RES 3: $64.04 - 200-dma (continuation chart) 

*RES 2: $57.96 - High Nov 16 (continuation chart) 

*RES 1: $55.37 - High Jan 31 

*PRICE: $53.78 @ 06:00 GMT Feb 1 

*SUP 1: $51.90 - 21-dma 

*SUP 2: $50.38 - Low Jan 14 

*SUP 3: $42.36 - Dec 24 low (continuation chart) 

*SUP 4: $42.05 - June 21, 2017 (continuation chart) 

WTI futures broke above the key $55 pivot area yesterday before closing back

within its recent trading range. This gives bears an opportunity to target the

21dma at $51.90 and a break below here would suggest a bearish reversal down

towards the Jan 14 low at $50.38. Below here would bring the Dec 24 low at

$42.36 back into focus. Bulls need to recover yesterday's high at $55.37 to open

the Nov 16 high at $57.96 ahead of a return the 200dma which comes in at $64.04.