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

OIL TECHS
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.

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