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OIL TECHS: ICE BRENT: (V17) Bulls Need Close Above $53.39
*RES 4: $54.09 - Falling daily TL
*RES 3: $53.39 - High May 29
*RES 2: $53.32 - 200-DMA
*RES 1: $52.93 - High Aug 1
*PRICE: $52.69 @ 0430GMT
*SUP 1: $52.53 - Hourly resistance Aug 9 now support
*SUP 2: $52.04 - Hourly support Aug 9
*SUP 3: $51.81 - Low Aug 9
*SUP 4: $51.37 - Low Aug 7
*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 ($50.88) to shift immediate focus to $49.30-50.23 where the
55-DMA is situated. Bulls need 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 may
slow the move.