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NYMEX HO: (U17) Pressuring Key Support....>

OIL TECHS
OIL TECHS: NYMEX HO: (U17) Pressuring Key Support
*RES 4: $1.6629 - High Aug 3
*RES 3: $1.6529 - High Aug 4
*RES 2: $1.6419 - Hourly resistance Aug 8a
*RES 1: $1.6301 - Hourly resistance Aug 8
*PRICE: $1.6177 @ 0430GMT
*SUP 1: $1.6144 - High July 27 now support
*SUP 2: $1.6017 - 200-DMA 
*SUP 3: $1.5919 - Low July 27
*SUP 4: $1.5818 - 21-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 $1.5417-1.5818. The $1.6629 resistance remains
key 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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