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

WTI TECHS: (H20) Impulsive Sell-Off Weighs

*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 and former breakout level

*PRICE: $55.82 @ 06:43 GMT Jan 24

*SUP 1: $54.77 - Low Jan 23

*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 heavy following this week's sell-off. The break of $57.42 Wednesday,

Jan 15 low confirmed 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 $54.48 next, the Nov 20 low and $53.77, a retracement level.

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