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ICE BRENT: (X17) Bears Need Close Below...>

OIL TECHS
OIL TECHS: ICE BRENT: (X17) Bears Need Close Below 55-DMA
*RES 4: $52.23 - High Aug 14 
*RES 3: $51.39 - 21-DMA 
*RES 2: $51.22 - High Aug 16 
*RES 1: $50.84 - High Aug 17
*PRICE: $50.67 @ 0430GMT
*SUP 1: $50.37 - Hourly support Aug 17 
*SUP 2: $49.81 - Low Aug 17 
*SUP 3: $49.60 - 55-DMA 
*SUP 4: $48.26 - Low July 24
*COMMENTARY: The lack of follow through above the 200-DMA last week has been
followed up with losses that see bears focused on the 55-DMA. Bulls take comfort
in the bounce from ahead of the 55-DMA but still need a close above the 21-DMA
to ease bearish pressure and above $50.23 to return focus to $53.41-54.02.
Support emerging ahead of the 55-DMA is less than ideal for bears who look for a
close below the 55-DMA to initially target $47.78-48.26.

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