WTI TECHS: (V19) Unwinds recent spike.....>

WTI TECHS: WTI TECHS: (V19) Unwinds recent spike

*RES 4: $63.58 - 1.618 projection of Sep 3 - Sep 10 rally from Sep 12 low

*RES 3: $63.38 - High Sep 16

*RES 2: $62.59 - High Sep 17

*RES 1: $60.71 - Intraday high during the US session, Sep 17

*PRICE: $59.04 @ 06:53 BST Sep 18

*SUP 1: $58.46 - Low Sep 17

*SUP 2: $58.30 - High Sep 11

*SUP 3: $56.34 - High Sep 12

*SUP 4: $55.68 - High Sep 13 and gap low

WTI pulled back sharply yesterday after Reuters reported that Saudi Arabian oil

output is to return to normal levels quicker than originally thought. Prices

traded below Monday's $58.77 low, to $58.46 and also below the Sep 10 high of

$58.76. This fills an initial gap in the chart. A deeper sell-off would open

$55.68, Sep 13 high to fill the entire gap in the chart left by Monday's spike.

$60.71, an intraday high during the US session yesterday is initial resistance.