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NYMEX HO: (U17) Bulls Gain Breathing......>

OIL TECHS
OIL TECHS: NYMEX HO: (U17) Bulls Gain Breathing Room
*RES 4: $1.7005 - Monthly High Apr 12
*RES 3: $1.6803 - Low Apr 12 now resistance
*RES 2: $1.6765 - High Aug 1
*RES 1: $1.6598 - High Aug 2
*PRICE: $1.6528 @ 0430GMT
*SUP 1: $1.6460 - Hourly support Aug 2 
*SUP 2: $1.6210 - Low Aug 1 
*SUP 3: $1.6144 - High July 27 now support
*SUP 4: $1.6025 - 200-DMA
*COMMENTARY: Bears failed to capitalise on the sell-off with the bounce from
ahead of key support layers providing bulls with breathing room. O/B studies
looking to correct remain the key concern for bulls. Layers of resistance
$1.6795-1.7005 remain key. Bulls now need a close above $1.7005 to reconfirm a
bullish bias and target $1.7320-1.7451. Bears need a close below $1.6144 to
pressure the 200-DMA and below $1.5919 to hint at a deeper correction.

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