NYMEX HO: (U17) Pressuring Layers of......>

OIL TECHS: NYMEX HO: (U17) Pressuring Layers of Support

*RES 4: $1.6803 - Low Apr 12 now resistance

*RES 3: $1.6643 - Hourly resistance Aug 10a

*RES 2: $1.6512 - High Aug 14

*RES 1: $1.6228 - Hourly support Aug 14 now resistance

*PRICE: $1.6109 @ 0430GMT

*SUP 1: $1.6019 - 200-DMA

*SUP 2: $1.5979 - Daily Bull channel base 

*SUP 3: $1.5919 - Low July 27

*SUP 4: $1.5712 - Low July 26

*COMMENTARY: Pressure has returned to layers of support $1.5712-1.6019 where the

200-DMA and daily bull channel base are situated. Bears still need a close below

$1.5712 to shift initial focus to 55 & 100-DMAs ($1.5174-1.5452) and below the

55-DMA to confirm focus on 2017 lows. Initial resistance is noted at $1.6228

with bulls needing a close above to gain breathing room and above $1.6512 to

return focus to $1.6803-1.7005.