WTI TECHS: (N19) Possible double..........>

OIL TECHS: WTI TECHS: (N19) Possible double bottom?

*RES 4: $59.10 - 100-dma

*RES 3: $58.52 - 50% of Apr-May fall

*RES 2: $57.33 - Low May 23

*RES 1: $54.84 - High Jun 10

*PRICE: $54.15 @ 07:37 BST Jun 19

*SUP 1: $50.60 - Low June 5

*SUP 2: $49.45 - 76.4% retracement of Dec-Apr rally

*SUP 3: $48.39 - High Dec 26

*SUP 4: $44.49 - L/T Trendline

WTI has been leading the way technically among the oil-based futures recently.

Yesterday's strong rally has brought back into focus the key resistance at

$54.84. While trend conditions remain bearish below this level, technical

signals such as the evident bullish divergence between price and momentum and a

possible developing double bottom pattern should not be ignored. These reinforce

the relative importance of $54.84 and is a risk parameter for bears.