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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: $54.29 - Falling daily TL 
*RES 3: $53.39 - 200-DMA, High May 29 
*RES 2: $52.93 - High Aug 1 
*RES 1: $52.55 - Alternating hourly support/resistance
*PRICE: $52.24 @ 0430GMT
*SUP 1: $52.04 - Hourly resistance Aug 2 now support 
*SUP 2: $51.18 - 100-DMA, Hourly support Aug 1 
*SUP 3: $50.88 - Low Aug 1 
*SUP 4: $50.58 - Low July 27
*COMMENTARY: Pressure has returned to the 200-DMA following the bounce from the
100-DMA and close above $51.88 Wednesday. Layers of resistance remain
$52.93-55.23. Bulls need a close above the 200-DMA to reconfirm a bullish bias
and above $55.23 May highs to confirm a break of the falling daily TL and shift
immediate focus to $57.40 Apr highs. Bears need a close below $52.04 to gain
breathing room and below $50.88 to pressure $49.67-50.23.

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