(M20) Still Heading South *RES 4:.........>

WTI TECHS: (M20) Still Heading South

*RES 4: $18.26 - High Apr 22 and key near-term resistance

*RES 3: $16.98 - High Apr 27

*RES 2: $13.18/97 - Intraday high / Intra hour reaction high on the 60-min chart

*RES 1: $11.88 - Apr 27 low

*PRICE: $10.40 @ 09:27 BST Apr 28

*SUP 1: $10.00 - Psychological round number

*SUP 2: $9.28 - 76.4% retracement of the Apr 21 - 23 rally

*SUP 3: $6.50 - Low Apr 21and key support

*SUP 4: $5.53 - 2.236 projection of Jan 8 - Feb 4 sell-off from Apr 9 high

WTI remains under pressure this morning. Price continues to retrace the recent

recovery between Apr 22 - 23. Futures have traded below the 61.8% retracement at

$10.99. A continued move lower would expose the 76.4% level at $9.28 and also

highlight the increasing likelihood we will see a retest of the Apr 21 low of

$6.50. A break of the latter would confirm a resumption of this year's

downtrend. Initial resistance is at $11.88 and $13.18.