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NYMEX HO: (V17) $1.6180 Resistance........>

OIL TECHS
OIL TECHS: NYMEX HO: (V17) $1.6180 Resistance Remains Key
*RES 4: $1.6548 - High Aug 14
*RES 3: $1.6317 - Hourly resistance Aug 14
*RES 2: $1.6180 - High Aug 16
*RES 1: $1.5953 - Hourly support Aug 16 now resistance
*PRICE: $1.5896 @ 0430GMT
*SUP 1: $1.5748 - Alternating hourly support/resistance
*SUP 2: $1.5550 - Low Aug 17 *SUP 3: $1.5541 - 100-DMA
*SUP 4: $1.5425 - High July 24 now support
*COMMENTARY: The bounce from ahead of the 100-DMA and relatively bullish close
on the day is a concern for bears who are focused on $1.4972-1.5541 where 55 &
100-DMAs are located. Modestly O/S daily studies are also less than ideal. In
saying that, bulls continue to look for a close above $1.6180 to confirm breaks
of 21 ($1.6159) & 200 ($1.6121) DMAs and shift focus back to $1.6548-1.6814.
Bears now need a close below $1.5748 to gain breathing room.

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