NYMEX HO: (U18) August 2 Lows Intact......>

OIL TECHS: NYMEX HO: (U18) August 2 Lows Intact

*RES 4: $2.2387 - High July 10 

*RES 3: $2.1900 - Daily bear channel top 

*RES 2: $2.1834 - High July 27 

*RES 1: $2.1752 - High August 8 

*PRICE: $2.1118 @ 0550 GMT 

*SUP 1: $2.0867 - Low August 2 

*SUP 2: $2.0490 - Low July 18 

*SUP 3: $2.0291 - 200-DMA 

*SUP 4: $2.0220 - Daily bear channel bottom 

The broad bear channel from the May 22 highs remains intact and bulls will need

a break above the August 8 high of $2.1752 to shift the focus to the this key

resistance level which sits at $2.1900. On the downside, bears need a break

below the August 2 low at $2.0867 to target the July 18 low and bear channel

support down at $2.0220. The 200-DMA also comes into play at $2.0291.