NYMEX WTI: (F18) $56.98-$56.78 Support....>

OIL TECHS: NYMEX WTI: (F18) $56.98-$56.78 Support

*RES 4: $59.05 Nov 24 high

*RES 3: $58.34 Dec 4 high

*RES 2: $57.79 Dec 8 high

*RES 1: $57.60 Hourly resistance

*PRICE: $57.11 @0530GMT                                   

*SUP 1: $56.98 Hourly base Dec 8

*SUP 2: $56.78 Dec 7 high, now support

*SUP 3: $56.54 Dec 8 low

*SUP 4: $56.30 Initial recovery high Dec 7, now support

*COMMENTARY: The pullback to $55.82 last week, looks like the end of a 3 wave

correction, following the rise to $59.05 toward the end of last month. While

held above here, there is scope to see a recovery, with $57.60-$57.79 the

initial resistance to gains, with a further move back above $58.34 needed to

inspire another assault on that $59.05 high. Meanwhile a loss of $56.98 and

especially $56.78 will caution and delay gains.