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NYMEX HO: (V17) $1.7568-1.7860............>

OIL TECHS
OIL TECHS: NYMEX HO: (V17) $1.7568-1.7860 Resistance Key
*RES 4: $1.8122 - Daily Bull channel top
*RES 3: $1.7983 - High Sept 8
*RES 2: $1.7860 - Hourly support Sept 8 now resistance
*RES 1: $1.7568 - Low Sept 8 now resistance
*PRICE: $1.7416 @ 0430GMT
*SUP 1: $1.7364 - Hourly support Sept 11
*SUP 2: $1.7227 - Low Sept 11
*SUP 3: $1.7149 - Hourly support Sept 5a
*SUP 4: $1.6974 - Low Sept 4
*COMMENTARY: Correcting O/B daily studies are adding weight to the bearish case
for a correction back to $1.6680-1.6974 where the 21-DMA is located. Bears now
look for a close below $1.7227 to add weight to their case. Layers of resistance
are starting to build. Initial resistance is noted at $1.7568 with bulls needing
a close above to gain breathing room and above $1.7860 to reconfirm focus on the
bull channel top.

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