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ICE BRENT: (V17) Capped Ahead Of..........>

OIL TECHS
OIL TECHS: ICE BRENT: (V17) Capped Ahead Of 200-DMA
*RES 4: $52.93 - High Aug 1 
*RES 3: $52.55 - Alternating hourly support/resistance 
*RES 2: $51.88 - Hourly resistance Aug 1 
*RES 1: $51.56 - Hourly resistance Aug 2
*PRICE: $51.29 @ 0430GMT
*SUP 1: $50.88 - Low Aug 1 
*SUP 2: $50.58 - Low July 27 
*SUP 3: $50.23 - Low July 26 
*SUP 4: $49.88 - Hourly resistance July 25 now support
*COMMENTARY: Bulls failed to challenge the 200-DMA with the sell-off easing
bullish pressure and leaving V17 looking heavy. Focus has returned to layers of
support $49.58-50.23 where 21 & 55-DMAs are situated. Daily studies correcting
from O/B add weight to the bearish case. Layers of resistance are also weighing
with bulls needing a close above $51.88 to ease bearish pressure and above
$52.55 to shift focus back to the 200-DMA ($53.36).

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