(H20) Impulsive Sell-Off *RES 4: $60.17...>

WTI TECHS: (H20) Impulsive Sell-Off

*RES 4: $60.17 - High Jan 9

*RES 3: $59.77 - High Jan 21 and key resistance

*RES 2: $58.38 - High Jan 22

*RES 1: $57.42 - Low Jan 15

*PRICE: $55.59 @ 06:53 GMT Jan 23

*SUP 1: $54.85 - Low Nov 29

*SUP 2: $54.48 - Low Nov 20

*SUP 3: $53.77 - 76.4% retracement of the Oct 3 Jan 8 rally

*SUP 4: $53.56 - Low Oct 31

WTI remains weak and has traded lower again today. The break of $57.42

yesterday, Jan 15 low confirms a resumption of the downtrend that has been in

place since the sharp reversal off the Jan 8 high of $65.40. Further weakness is

seen likely with momentum studies also pointing south. With the technical

picture bearish, attention is on $54.85 next, Nov 29 low ahead of $54.48, Nov 20

low. Firm resistance has been defined at $59.77, Jan 21 high.