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OIL TECHS: NYMEX HO: (U17) Supported Ahead Of 200-DMA
*RES 4: $1.7005 - Monthly High Apr 12
*RES 3: $1.6803 - Low Apr 12 now resistance
*RES 2: $1.6765 - High Aug 1
*RES 1: $1.6629 - High Aug 3
*PRICE: $1.6536 @ 0430GMT
*SUP 1: $1.6509 - Hourly support Aug 9
*SUP 2: $1.6433 - Hourly support Aug 9a
*SUP 3: $1.6238 - Hourly support Aug 9b
*SUP 4: $1.6128 - Low Aug 9
*COMMENTARY: Bears have again failed to capitalise on a dip with the contract
continuing to find support on dips back towards the 200-DMA ($1.6019). Layers of
support $1.5712-1.6128 remain key with bears needing a close below to confirm
breaks of key DMAs and the bull channel base ($1.5792) and shift immediate focus
to 55 & 100-DMAs ($1.5154-1.5432). The $1.6629 resistance remains key with bulls
needing a close above to shift focus back to $1.6803-1.7005.