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WTI TECHS
WTI TECHS: (H20) Correcting Higher
*RES 4: $57.42 - Low Jan 15 and former breakout level
*RES 3: $55.95 - High Jan 24
*RES 2: $54.37 - High Jan 29 and key near-term resistance
*RES 1: $53.36 - High Jan 31
*PRICE: $51.94 @ 06:43 GMT Feb 6
*SUP 1: $49.31 - Low Feb 4
*SUP 2: $46.59 - 123.6% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $44.37 - 138.2% retracement projection of the Oct 3 - Jan 8 rally
*SUP 4: $42.57 - 150.0% retracement projection of the Oct 3 - Jan 8 rally
WTI has bounced off Tuesday's lows and is firmer today as the recent sharp
sell-off begins to unwind. Whether this move higher develops into a stronger
rebound remains to be seen though. Attention is the next resistance at $53.36,
the Jan 31 high where a break would signal scope for an extension towards
resistance at $54.37, Jan 29 high. On the downside, key support has been defined
at this week's $49.31 low. A break would resume the recent sell-off.

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