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ICE BRENT: (V17) Bulls Need Close Above...>

OIL TECHS
OIL TECHS: ICE BRENT: (V17) Bulls Need Close Above 200-DMA
*RES 4: $57.40 - Monthly High Apr 12 
*RES 3: $55.23 - Monthly High May 25 
*RES 2: $54.36 - Falling daily TL (a) 
*RES 1: $53.40 - 200-DMA, High May 29
*PRICE: $52.81 @ 0430GMT
*SUP 1: $52.55 - Hourly resistance July 31 now support 
*SUP 2: $51.67 - High July 27 now support 
*SUP 3: $51.20 - 100-DMA 
*SUP 4: $50.58 - Low July 27
*COMMENTARY: Immediate bullish focus is now on $53.40 where the 200-DMA is
located. Bulls look for a close above to initially target $54.36-55.23 with
overall focus shifting to $57.40 Apr highs. O/B daily studies and the Bollinger
top ($52.87) remain concerns for bulls. Initial support is noted at $52.55 with
bears needing a close below to ease immediate bullish pressure and below the
100-DMA to confirm focus on $49.58-50.23 where 21 & 55-DMAs are situated.

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