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NYMEX WTI: (G18) Above $58.99 Targets.....>

OIL TECHS
OIL TECHS: NYMEX WTI: (G18) Above $58.99 Targets $60.25-62.45 
*RES 4: $60.25 - 200-WMA 
*RES 3: $58.99 - Monthly High Nov 24 
*RES 2: $58.60 - High Dec 12 
*RES 1: $57.98 - Hourly resistance Dec 12
*PRICE: $58.07 @ 0430GMT
*SUP 1: $57.86 - Hourly support Dec 20 
*SUP 2: $57.20 - Low Dec 19 
*SUP 3: $56.88 - Low Dec 18 
*SUP 4: $56.48 - Hourly support Dec 14
*COMMENTARY: The recovery from last week's dip back towards $55.88 now sees
bulls focused on $58.60-58.99 with a break targeting the 200-WMA and channel
tops ($60.41-62.45). Layers of support building add to bullish confidence with a
close below $57.86 now needed to ease renewed bullish pressure. A close below
$55.15 remains needed to confirm a break of the 55-DMA ($55.47) and initially
target 52.77-54.07.

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