NYMEX WTI: (G18) Below 55-DMA To Shift....>

OIL TECHS: NYMEX WTI: (G18) Below 55-DMA To Shift Focus Lower 

*RES 4: $58.99 - Monthly High Nov 24 

*RES 3: $58.60 - High Dec 12 

*RES 2: $57.98 - Hourly resistance Dec 12 

*RES 1: $57.46 - Hourly resistance Dec 18

*PRICE: $57.25 @ 0330GMT

*SUP 1: $56.88 - Low Dec 18 

*SUP 2: $56.48 - Hourly support Dec 14 

*SUP 3: $55.88 - Low Dec 7 

*SUP 4: $55.10 - 55-DMA

*COMMENTARY: The aggressive rejection ahead of the $58.99 Nov high was less than

ideal last week and resulted in a dip below the channel base. Bears look for a

close below $55.88 to confirm a break of key supports and below the 55-DMA to

shift focus back to $52.63-83 where the channel base off June lows and 100-DMA

are noted. Bulls still need a close above $57.98 to reconfirm initial focus on

$58.60-58.99 with a break targeting channel tops ($60.27-62.18).