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WTI TECHS: (Z19) Remains Under Pressure
*RES 4: $58.21 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 3: $57.31 - Former trendline support drawn off Aug 7 low
*RES 2: $56.92 - High Oct 28
*RES 1: $55.91 - High Oct 29
*PRICE: $55.17 @ 06:39 BST Oct 31
*SUP 1: $54.42 - 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 and yesterday, futures again were under pressure. With the risk for a
deeper pullback, the focus is on yesterday's $54.42 low where a break would open
$53.62 and $52.46, Oct 23/15 lows respectively. A break above $55.91 and more
importantly $56.92 is needed to reinstate a bullish focus.