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

OIL TECHS
OIL TECHS: ICE BRENT: (X17) Bears Need Close Below $51.98
*RES 4: $53.93 - Daily Bear channel top 
*RES 3: $53.52 - Bollinger band top 
*RES 2: $53.43 - 200-DMA 
*RES 1: $52.67 - Hourly resistance Aug 21
*PRICE: $52.45 @ 0430GMT
*SUP 1: $52.18 - Hourly support Aug 18 
*SUP 2: $51.98 - Hourly resistance Aug 18 now support 
*SUP 3: $51.46 - Alternating hourly support/resistance 
*SUP 4: $51.22 - High Aug 16 now support
*COMMENTARY: Despite focus returning to the 55-DMA last week bears failed to
manage the close below needed to shift focus lower. The rally Friday eased
bearish pressure and shifts focus back to $53.43-54.02 where the 200-DMA and
bear channel top are located. Bulls need a close above $54.02 to reconfirm the
bullish bias. The $51.98 support is key today with bears needing a close below
to ease pressure on resistance layers.

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