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NYMEX HO: (U17) O/B Daily Studies.........>

OIL TECHS
OIL TECHS: NYMEX HO: (U17) O/B Daily Studies Weighing
*RES 4: $1.6803 - Low Apr 12 now resistance
*RES 3: $1.6765 - High Aug 1
*RES 2: $1.6629 - High Aug 3
*RES 1: $1.6499 - Hourly resistance Aug 3
*PRICE: $1.6383 @ 0430GMT
*SUP 1: $1.6351 - Low Aug 3 
*SUP 2: $1.6210 - Low Aug 1 
*SUP 3: $1.6144 - High July 27 now support
*SUP 4: $1.6023 - 200-DMA
*COMMENTARY: O/B daily studies remain the key concern for bulls and appear to be
impacting with the contract capped ahead of $1.6803. The $1.6144 support remains
key with bears needing a close below to pressure the 200-DMA and below $1.5919
to hint at a deeper correction to $1.5397-1.5597. The $1.6629 resistance is key
today with bulls needing a close above to shift focus back to $1.6803-1.7005.
Above $1.7005 is needed to reconfirm a bullish bias and target $1.7320-1.7451.

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