ICE BRENT: (X17) Above $54.02 Ends........>

OIL TECHS: ICE BRENT: (X17) Above $54.02 Ends Bearish Hopes

*RES 4: $54.02 - Low May 23 now resistance 

*RES 3: $53.47 - Monthly High Aug 10 

*RES 2: $53.40 - 200-DMA 

*RES 1: $52.90 - High Aug 31

*PRICE: $52.76 @ 0255GMT

*SUP 1: $52.44 - Hourly resistance Aug 28 now support 

*SUP 2: $51.72 - 21-DMA 

*SUP 3: $50.96 - Alternating hourly support/resistance 

*SUP 4: $50.49 - Low Aug 31

*COMMENTARY: Bears failed to capitalise on the close below the 100-DMA with an

aggressive recovery and bullish close that sees focus back on $53.40-54.02 where

the 200-DMA, Aug high and bear channel top ($53.68) are situated. Bulls look for

a close above $54.02 to reconfirm the bullish bias, ending bearish hopes and

shifting immediate focus to May highs. Bears now need a close below $52.44 to

gain breathing room and below the 21-DMA to shift focus back to $49.81-50.49.