NYMEX Crude Oil Technical Levels

RES4: $64.00 Failure high 28 Sept

RES 3: $63.30 Daily high 2 Oct

RES 2: $61.30 Failure high 9 Oct

RES 1: $60.15/45 21-day ma,channel top from 28 Sept

LAST PRICE: $58.70

SUP 1: $58.05 Daily lows 13, 16 Oct

SUP 2: $57.86 Intra-day gap from 12 Oct close

SUP 3: $57.22 Low of current move 12 Oct

SUP 4: $56.90 Low 19 Dec 2005 & Daily Bollinger band base

Break below the 5-day moving average at $58.80 has weakened outlook having yesterday failed to break above the 21-day moving average and 18-day channel top -- today valued at $60.15/45 respectively. Whilst these cap, the risk is to $58.05, with gap base at $57.85 and recent low eyed at $57.22. Below here, $56.90 seen as a downside target.