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NYMEX HO: (V17) $1.6051 & $1.6814.........>

OIL TECHS
OIL TECHS: NYMEX HO: (V17) $1.6051 & $1.6814 Levels Remain Key
*RES 4: $1.7084 - Monthly High Apr 12
*RES 3: $1.6814 - High Aug 10
*RES 2: $1.6775 - Falling daily TL
*RES 1: $1.6758 - Hourly resistance Aug 30
*PRICE: $1.6607 @ 0430GMT
*SUP 1: $1.6553 - Hourly resistance Aug 30 now support
*SUP 2: $1.6347 - Hourly support Aug 29
*SUP 3: $1.6268 - 21-DMA 
*SUP 4: $1.6140 - 200-DMA
*COMMENTARY: The $1.6051-1.6107 support region remains key with bears needing a
close below $1.6051 to shift focus back to $1.5492-1.5722 where 55 & 100-DMAs
are located. Hesitation ahead of the $1.6814 resistance remains the key concern
for bulls. Bulls need a close above $1.6814 to reconfirm a bullish bias and
initially target $1.7084 and then the daily bull channel top ($1.7751).

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