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NYMEX HO: (U17) Bears Need Close Below....>

OIL TECHS
OIL TECHS: NYMEX HO: (U17) Bears Need Close Below $1.5919
*RES 4: $1.7005 - Monthly High Apr 12
*RES 3: $1.6454 - Monthly High May 25
*RES 2: $1.6375 - Daily Bull channel top
*RES 1: $1.6144 - High July 27
*PRICE: $1.6044 @ 0430GMT
*SUP 1: $1.5919 - Low July 27 
*SUP 2: $1.5712 - Low July 26 
*SUP 3: $1.5574 - High July 21 now support
*SUP 4: $1.5367 - High July 24 now support
*COMMENTARY: The close above the 200-DMA ($1.6026) and gains above the daily
bear channel top sees bulls now focused on $1.6375-1.6454 where May highs and
the daily bull channel top are located. O/B daily studies and the Bollinger top
remain key concerns for bulls. In saying that, bears need a close below $1.5919
to signal a false break of the 200-DMA and below $1.5712 to shift focus back to
$1.5231-1.5367 where the 21 & 100-DMAs and bull channel base are located.

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