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WTI TECHS: (Z19) Pivot Support At $54.61
*RES 4: $59.11 - High Sep 23
*RES 3: $58.21 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 2: $57.31 - Former trendline support drawn off Aug 7 low
*RES 1: $56.92 - High Oct 28
*PRICE: $55.25 @ 06:46 BST Oct 30
*SUP 1: $54.61 - Low Oct 29 and pivot support
*SUP 2: $53.62 - Low Oct 24
*SUP 3: $52.46 - Low Oct 15
*SUP 4: $51.40 - Low Oct 10
WTI stalled recently at $56.92 and just above 50% of Sep 16 - Oct 3 decline at
$56.82. This does highlight the potential bearish significance of the recent
pullback however, bulls can be encouraged by yesterday's bounce off the day low
of $54.61. In candle terms, yesterday's price pattern is a hammer formation and
signals the recent corrective pullback is over. Key support for today is at
$54.61. This level is also a pivot point - bullish above, bearish below.