(H20) Jan 29 Highs Within Reach *RES 4:...>

WTI TECHS: (H20) Jan 29 Highs Within Reach

*RES 4: $59.85 - High Jan 9

*RES 3: $57.36/42 - 50% retracement of the Jan 8 - Feb 4 decline/ Low Jan 15

*RES 2: $55.46 - 38.2% retracement of the Jan 8 - Feb 4 decline

*RES 1: $54.37 - High Jan 29 and key near-term resistance

*PRICE: $53.67 @ 07:37 GMT Feb 20

*SUP 1: $51.93 - Low Feb 19

*SUP 2: $49.31 - Low Feb 4 and key bear trigger

*SUP 3: $46.59 - 123.6% retracement projection of the Oct 3 - Jan 8 rally

*SUP 4: $44.37 - 138.2% retracement projection of the Oct 3 - Jan 8 rally

WTI continues to trend higher and $54.37, the Jan 29 high, is the next level

that bulls are eyeing up. As with Brent, momentum studies continue to support a

move higher. Yesterday's low of $51.93 has now become a pivotal level with a

bullish acceleration as long as we remain above this level. A move back below

here would however again highlight this year's bearish theme with key support at

$49.31, the Feb 4 low.