(N19): Recovery Lacks Bite *RES 4:........>

OIL TECHS: (N19): Recovery Lacks Bite

*RES 4: $610.18 - 100-dma

*RES 3: $600.75 - Low May 24, now resistance

*RES 2: $589.25 - M/T Pivotal Point

*RES 1: $573.00 - High June 3

*PRICE: $565.50 @ 05:56 GMT Jun 11

*SUP 1: $540.25 - Low June 6

*SUP 2: $536.75 - Low June 5

*SUP 3: $532.27 - 76.4% retracement Dec-May rise

*SUP 4: $515.48 - L/T Trendline Support

Despite closing above the $560.00 level for a third session, recovery efforts

have so far held shallow keeping the short-term focus on the downside. Momentum

indicators continue to generate negative signals with the RSI in particular

looking stretched. Bears look to clear the Jun 7 low at $552.25, opening a

return to the Jun 5 cycle lows. Bulls need to overcome the Jun 3 high to change

the outlook.