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

OIL TECHS
OIL TECHS: ICE BRENT: (V17) Bulls Need Close Above $51.30
*RES 4: $52.64 - Hourly support Aug 10 now resistance 
*RES 3: $52.38 - High Aug 14 
*RES 2: $51.30 - Low Aug 11 now resistance 
*RES 1: $50.88 - Low Aug 1 now resistance
*PRICE: $50.84 @ 0430GMT
*SUP 1: $50.55 - Low Aug 14 
*SUP 2: $50.23 - Low July 26 
*SUP 3: $49.67 - Daily Bull channel base 
*SUP 4: $49.41 - 55-DMA
*COMMENTARY: The lack of follow through above the 200-DMA ($53.34) last week has
been followed up with losses and a close below $50.88 that confirms an easing of
bullish pressure with below $50.23 needed to confirm focus on the 55-DMA and
bull channel base. Bears now look for a close below the 55-DMA to end bullish
hopes, shifting initial focus to $47.47 and overall focus to $44.88 June lows.
Bulls now need a close above $51.30 to ease bearish pressure.

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