NYMEX WTI: (Z17) Correction Risk..........>

OIL TECHS: NYMEX WTI: (Z17) Correction Risk Continues

*RES 4: $57.15 Nov 13 high

*RES 3: $56.75 Congestion area Nov 8-9, Nov 10-13

*RES 2: $56.30 Nov 13 low, now resistance

*RES 1: $55.79 Hourly resistance

*PRICE: $55.34 @0205GMT                                   

*SUP 1: $54.68 38.2% Fibo of $49.44-$57.92

*SUP 2: $53.89 Nov 1 low

*SUP 3: $53.68 50% Fibo of $49.44-$57.92

*SUP 4: $53.11 Sep 28 high, now support

*COMMENTARY: Still suffering as a result of the bearish outside day last

Wednesday. In this respect, the loss of firstly $56.51 support and then the Nov

8 low at $56.41 has increased the risk for a downside correction. A low of

$54.81 so far, as we head toward next $54.68-$53.89 supports. In the meantime,

$55.79-$57.15 provides near term resistance against any recovery.