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OIL TECHS: NYMEX WTI: (G18) Bears Need Close Below $56.89
*RES 4: $59.99 - Daily Bull channel top
*RES 3: $58.99 - Monthly High Nov 24
*RES 2: $58.60 - High Dec 12
*RES 1: $57.98 - Hourly resistance Dec 12
*PRICE: $57.55 @ 0430GMT
*SUP 1: $56.89 - Low Dec 12
*SUP 2: $56.61 - Low Dec 11
*SUP 3: $55.88 - Low Dec 7
*SUP 4: $55.15 - Low Nov 14
*COMMENTARY: The aggressive rejection ahead of the $58.99 Nov high is less than
ideal for bulls. Bears now look for a close below $56.89 to confirm an easing of
bullish pressure and shift initial focus to $54.85-55.88 where the 55-DMA is
situated. Layers of resistance are starting to build with bulls now needing a
close above $57.98 to ease bearish pressure and above $58.99 to reconfirm focus
on $59.99-60.36 where the channel top and 200-WMA are noted.