NYMEX WTI: (F18) Bears Need Close Below...>

OIL TECHS: NYMEX WTI: (F18) Bears Need Close Below $56.91 

*RES 4: $60.62 - Daily Bull channel top 

*RES 3: $59.10 - Bollinger band top 

*RES 2: $59.05 - 2017 High Nov 24 

*RES 1: $58.40 - Hourly resistance Dec 1

*PRICE: $58.24 @ 0430GMT

*SUP 1: $57.62 - Hourly support Dec 11 

*SUP 2: $57.37 - Hourly resistance Dec 11 now support 

*SUP 3: $56.91 - Low Dec 11 

*SUP 4: $56.54 - Low Dec 8

*COMMENTARY: Bears failed to capitalise on the closes below the 21-DMA ($57.19)

with the recovery seeing bulls regain the upper hand and focus back on

$59.05-60.62 where 2017 highs and the daily bull channel top are situated.

Layers of support have built up, adding to bullish confidence. Bears now need a

close below $59.91 to ease bullish pressure and produce a correction back to the

key $54.66-55.75 region where 55-DMA and channel base are found.