NYMEX WTI: (G18) Bull Channel Base........>

OIL TECHS: NYMEX WTI: (G18) Bull Channel Base Pressured 

*RES 4: $58.60 - High Dec 12 

*RES 3: $57.98 - Hourly resistance Dec 12 

*RES 2: $57.40 - Hourly support Dec 13 now resistance 

*RES 1: $56.90 - Hourly resistance Dec 13

*PRICE: $56.76 @ 0430GMT

*SUP 1: $56.53 - Low Dec 13, Bull channel base (Oct mthly low) 

*SUP 2: $55.88 - Low Dec 7 

*SUP 3: $55.15 - Low Nov 14 

*SUP 4: $54.90 - 55-DMA

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

ideal for bulls and sees pressure on the daily bull channel base off Oct lows.

Bears look for a close below $56.53 to confirm a break and to shift focus to

$54.90-55.15 where the 55-DMA is situated. Bulls now need a close $57.40 to ease

pressure on the channel base and above $57.98 to reconfirm initial focus on

$58.60-58.99.