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

OIL TECHS
OIL TECHS: NYMEX HO: (U17) $1.6340 Support Remains Key
*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: $1.6724 @ 0430GMT
*SUP 1: $1.6597 - Hourly resistance July 31 now support 
*SUP 2: $1.6340 - Hourly support July 28 
*SUP 3: $1.6144 - High July 27 now support
*SUP 4: $1.6029 - 200-DMA
*COMMENTARY: The close above the 200-DMA and gains above the daily bear channel
top see bulls 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 $1.6597 to gain breathing room and below $1.6340 to hint at a
correction back to $1.5919-1.6144. Overall a close below $1.5712 shifts focus
back to $1.5095-1.5373 where -DMAs and bull channel base are located.

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