NYMEX Crude Oil Technical Levels

So Far Capped By 5-day MA
RES 4: $61.55 Daily high 2 Jan
RES 3: $59.43 Daily low 17 Nov
RES 2: $58.58 Daily high 4 Jan
RES 1: $57.75 5-day moving average

LAST PRICE: $57.26

SUP 1: $56.00/05 61.8% of $57.75-54.90 & Daily Bollinger band base
SUP 2: $54.85 38.2% of $78.40 to $16.70 & YTD low 17 Nov in WTI
SUP 3: $53.05 Daily low 13 June
SUP 4: $52.22/30 Recovery low 9 June & 38.2% of $78.40 to $10.35

Price has squeezed up to the 5-day moving average at $57.75 in electronic session, and whilst this caps, the risk is perhaps on a resumption of the downtrend. The daily studies, whilst oversold, are still maintaining their bearish trends, and break below $56.00/05 support seen finally breaking key support at $54.85.