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NYMEX HO: (U17) Bulls Need Close Above....>

OIL TECHS
OIL TECHS: NYMEX HO: (U17) Bulls Need Close Above $1.6501
*RES 4: $1.7005 - Monthly High Apr 12
*RES 3: $1.6803 - Low Apr 12 now resistance
*RES 2: $1.6501 - Hourly support Aug 1 now resistance
*RES 1: $1.6411 - Hourly resistance Aug 2
*PRICE: $1.6332 @ 0430GMT
*SUP 1: $1.6210 - Low Aug 1 
*SUP 2: $1.6144 - High July 27 now support
*SUP 3: $1.6024 - 200-DMA, Low July 28
*SUP 4: $1.5919 - Low July 27
*COMMENTARY: O/B studies have taken their toll with a sell-off Tuesday that
leaves the contract looking heavy and focus back to $1.5712-1.6144. Overall
bears need a close below $1.5919 to confirm a break of the 200-DMA and below
$1.5712 to shift focus back to $1.5377-1.5418 where the channel base, 21 &
100-DMAs are situated. The $1.6501 resistance is key today with bulls needing a
close above to return focus to $1.6803.

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