(N20) Bearish Threat? *RES 4: $37.64 -....>

WTI TECHS: (N20) Bearish Threat?

*RES 4: $37.64 - High Mar 9 and gap low

*RES 3: $37.33 - High Mar 11

*RES 2: $35.18 - High Apr 9 and key resistance

*RES 1: $34.66 - High May 21

*PRICE: $31.48 @ 06:40 BST May 22

*SUP 1: $29.65 - Trendline support drawn off the Apr 29 low

*SUP 2: $27.98 - High May 6 and former breakout level

*SUP 3: $27.53 - Low May 15

*SUP 4: $25.25 - Low May 13

WTI futures found resistance at Thursday's $34.66 high and have continued to

retrace lower overnight. Today's weakness appears to highlight the most

significant bearish threat to the recent strong uptrend. Futures have trade

below support at $31.13, May 19 low and attention turns to trendline support at

29.65 and support at $27.98, May 6 high and former breakout level. Despite the

move lower the trend for now remains up. $34.66 is the bull trigger.