NYMEX HO: (V17) Topside Follow Through....>

OIL TECHS: NYMEX HO: (V17) Topside Follow Through Lacking

*RES 4: $1.7357 - Monthly High Feb 10

*RES 3: $1.7084 - Monthly High Apr 12

*RES 2: $1.6893 - High Aug 30

*RES 1: $1.6781 - Bollinger band top

*PRICE: $1.6692 @ 0430GMT

*SUP 1: $1.6521 - Hourly support Aug 30

*SUP 2: $1.6337 - Low Aug 30

*SUP 3: $1.6269 - 21-DMA 

*SUP 4: $1.6148 - 200-DMA

*COMMENTARY: The $1.6020-1.6148 support region remains key with bears needing a

close below the bull channel base ($1.6020) to shift focus back to

$1.5532-1.5722 where 55 & 100-DMAs are located. The lack of follow through on

the break of $1.6814 is less than ideal with the Bollinger top the key concern.

Bears now need a close below $1.6521 to add weight to the case for a correction

back to $1.6020-1.6148.