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(M2) Trend Condition Remains Bearish


Firmer Overnight


Bears Remain In Control


Bull Steepening On Thursday

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OIL TECHS: NYMEX HO: (U17) Layers of Support $1.5712-1.6128
*RES 4: $1.7005 - Monthly High Apr 12
*RES 3: $1.6803 - Low Apr 12 now resistance
*RES 2: $1.6643 - Hourly resistance Aug 10a
*RES 1: $1.6440 - Hourly resistance Aug 10
*PRICE: $1.6218 @ 0430GMT
*SUP 1: $1.6128 - Low Aug 9
*SUP 2: $1.6017 - Hourly support Aug 9a 
*SUP 3: $1.5970 - 21-DMA
*SUP 4: $1.5712 - Low July 26
*COMMENTARY: The rally Thursday remained capped ahead of $1.6803 with the
correction lower and bearish close leaving the contract looking heavy and focus
back to layers of support $1.5712-1.6128. Bears need a close below $1.5712 to
shift initial focus to 55 & 100-DMAs ($1.5161-1.5438) and below the 55-DMA to
confirm focus on 2017 lows. Bulls now look for a close above $1.6440 to gain
breathing room and above $1.6643 to confirm focus on $1.6803-1.7005.

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