(H20) Still Heading South *RES 4:.........>

WTI TECHS: (H20) Still Heading South

*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: $50.04 @ 06:26 GMT Feb 5

*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 maintains a bearish outlook following January's sharp slide and was weaker

again yesterday. Last week's breach of former support at $52.13, Jan 27 low

confirmed a resumption of the downtrend. Furthermore, we've yet to see a

meaningful correction unfold as bearish conditions dominate. This also

reinforces current conditions. Attention is on $46.59 next, now that $50.08, the

Aug 7 low and key support has been cleared. $54.37 marks firm resistance.