(H20) Looking For Base Building Signs.....>

WTI TECHS: (H20) Looking For Base Building Signs

*RES 4: $55.95 - High Jan 24l

*RES 3: $54.37 - High Jan 29 and key near-term resistance

*RES 2: $53.36 - High Jan 31

*RES 1: $52.20 - High Feb 6 and bull trigger

*PRICE: $50.50 @ 06:35 GMT Feb 12

*SUP 1: $49.31 - Low Feb 4 and key bear trigger

*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 last week bounced off the Feb 4 low of $49.31. The current focus is on

whether a correction is about to unfold. Whether this occurs will depend on

resistance at $52.20, Feb 6 high If cleared, the evidence would point towards

S/T base building. For now though the bearish trend remains intact. Key support

has been defined at $49.31. A break would confirm a resumption of the recent

sell-off and open $46.59, a Fibonacci retracement projection level.