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WTI TECHS: (Z19) Bullish Breakout
*RES 4: $58.21 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 3: $56.84 - Former trendline support drawn off Aug 7 low
*RES 2: $56.80/82 - High Sep 25 / 50.0% of Sep 16 - Oct 3 decline
*RES 1: $56.07 - High Oct 23
*PRICE: $55.52 @ 06:27 BST Oct 24
*SUP 1: $53.62 - Low Oct 24
*SUP 2: $52.46 - Low Oct 15 and key near-term support
*SUP 3: $51.40 - Low Oct 10
*SUP 4: $50.89 - Low Oct 3 and key support
WTI outlook remains bullish and this has been reinforced by yesterday's sharp
rally. Former resistance at $54.99 has been cleared as has the 38.2% retracement
of Sep 16 - Oct 3 decline at $55.42. The break higher paves the way for further
gains with the focus on the 50% retracement at $56.82 next. A clear bullish
price sequence of higher highs and higher lows has also been established,
reinforcing the bullish theme. Support is at $53.62, yesterday's low.