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

OIL TECHS
OIL TECHS: ICE BRENT: (V17) Bulls Need Close Above $53.39
*RES 4: $53.39 - High May 29 
*RES 3: $53.33 - 200-DMA 
*RES 2: $52.93 - High Aug 1 
*RES 1: $52.53 - Hourly resistance Aug 7
*PRICE: $51.92 @ 0430GMT
*SUP 1: $51.37 - Low Aug 7 
*SUP 2: $51.18 - 100-DMA, Hourly support Aug 1 
*SUP 3: $50.88 - Low Aug 1 
*SUP 4: $50.61 - 21-DMA
*COMMENTARY: Despite hesitation ahead of $52.93-53.39 and daily studies looking
to correct from O/B, the contract remains supported on dips. Bears need a close
below the 21-DMA to shift immediate focus to $49.18-50.23 where the 55-DMA is
situated. Bulls continue to look for a close above $53.39 to confirm a break of
the 200-DMA and shift focus to May highs ($55.23) although the falling daily TL
($54.13) may slow the move.

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