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

OIL TECHS: ICE BRENT: (X17) Bears Need Close Below Channel Base
*RES 4: $53.41 - 200-DMA 
*RES 3: $52.67 - High Aug 21 
*RES 2: $52.44 - Hourly resistance Aug 28 
*RES 1: $51.79 - High Aug 29
*PRICE: $51.52 @ 0430GMT
*SUP 1: $51.00 - 100-DMA 
*SUP 2: $50.96 - Low Aug 21 
*SUP 3: $50.82 - Daily Bull channel base 
*SUP 4: $49.96 - 55-DMA
*COMMENTARY: Support continues to emerge on dips back towards $50.96 with the
100-DMA supporting last week. The bull channel base comes in around $50.82 with
bears needing a close below to hint at a deeper correction and below the 55-DMA
initially targeting $47.78-48.26. Layers of resistance remain $52.67-54.02.
Bulls need a close above $52.67 to return focus to $53.41-54.02 and above $54.02
to reconfirm a bullish bias and target $55.33.

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