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WTI TECHS: (Z19) Bullish Theme Maintained
*RES 4: $56.80/82 - High Sep 25 / 50.0% of Sep 16 - Oct 3 decline
*RES 3: $56.72 - Former trendline support drawn off Aug 7 low
*RES 2: $55.42 - 38.2% retracement of Sep 16 - Oct 3 decline
*RES 1: $54.99 - High Oct 10/11 and upside trigger
*PRICE: $54.04 @ 06:29 BST Oct 23
*SUP 1: $52.46 - Low Oct 15 and key near-term support
*SUP 2: $51.40 - Low Oct 10
*SUP 3: $50.89 - Low Oct 3 and key support
*SUP 4: $50.33 - Low Aug 7
The WTI outlook remains bullish. Last weeks move higher eased somewhat the
recent bearish concerns following the move lower on Oct 14/15. The focus remains
on initial resistance at $54.99, Oct 10/11 high. A break would reinstate a
bullish condition, confirming a price sequence of higher highs and higher lows
and open the former trendline support, today at $56.72. Clearance of this
resistance opens $56.80 and $59.11. Support is at $52.46.