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NYMEX HO: (U17) $1.6340 Support Key.......>

OIL TECHS
OIL TECHS: NYMEX HO: (U17) $1.6340 Support Key Today
*RES 4: $1.7451 - High Jan 17
*RES 3: $1.7320 - High Jan 20
*RES 2: $1.7005 - Monthly High Apr 12
*RES 1: $1.6803 - Low Apr 12 now resistance
*PRICE: $1.6546 @ 0430GMT
*SUP 1: $1.6454 - Monthly High May 25 now support 
*SUP 2: $1.6340 - Hourly support July 28 
*SUP 3: $1.6144 - High July 27 now support
*SUP 4: $1.6027 - 200-DMA
*COMMENTARY: The close above the 200-DMA and gains above the daily bear channel
top see bulls now focused on $1.6803-1.7005 where Apr highs are located. O/B
daily studies and the Bollinger top remain key concerns for bulls. Bears now
need a close below $1.6340 to gain breathing room and hint at a correction back
to $1.5919-1.6144. Overall a close below $1.5712 shifts focus back to
$1.5067-1.5359 where -DMAs and bull channel base are located.

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