WTI TECHS (G19) Downtrend Intact *RES...>

COMMODITIES: WTI TECHS (G19) Downtrend Intact

*RES 4: $72.29 - High Oct 17

*RES 3: $65.50 - 200-dma

*RES 2: $54.77 - High Dec 4

*RES 1: $49.89 - 61.8% 54.55-42.36

*PRICE: $45.81 @ 11:05 GMT Dec 31

*SUP 1: $42.36 - Dec 24 low

*SUP 2: $42.05 - June 21, 2017 (continuation chart)

*SUP 3: $39.26 - Aug 3, 2016 (continuation chart)

*SUP 4: $38.00 - Bear channel bottom

Consolidates the mini recovery off Dec 24 lows to trade either side of $46.

Despite this, the recent downtrend remains intact with bears targeting a break

of the Dec 24 low at $42.36, a break opens multi-month lows at $42.05. Bulls

would need to recover the 61.8% retracement level, currently at $49.89 to

improve the outlook. Above here would allow a challenge of the Dec 4 high ahead

of a run at the 200-dma.