NYMEX Crude Oil Technical Levels

Head-&-Shoulders Targets $31.75

RES 4: $56.20 Daily high 9 Jan
RES 3: $54.73 Daily high 11 Jan
RES 2: $54.15 Neckline of head-&-shoulders pattern
RES 1: $53.55 Hourly high

LAST PRICE: $52.10

SUP 1: $51.56 Daily low 12 Jan
SUP 2: $50.90 Daily low 1 June 2005
SUP 3: $50.00 Psychological level & Daily Bollinger band base
SUP 4: $49.75 200-week moving average

Head-&-shoulder pattern break on continuation weekly charts now targets a measured move to $31.75 following break below neckline at $54.15. Ahead of this, key interim support is at the 200-week moving average at $49.75, which is seen stalling. The daily studies remain bearish. Initial resistance is at $53.55.