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NYMEX WTI: (M18) Bears Need Close Below...>

OIL TECHS
OIL TECHS: NYMEX WTI: (M18) Bears Need Close Below $70.46
*RES 4: $77.83 - High Nov 21 2014
*RES 3: $74.16 - Weekly Bull channel top 
*RES 2: $73.25 - Low Nov 11 2014 now resistance 
*RES 1: $71.88 - Daily Bull channel top
*PRICE: $71.34 @ 0310GMT
*SUP 1: $70.46 - Hourly support May 9 
*SUP 2: $69.51 - Alternating hourly support/resistance 
*SUP 3: $69.12 - Hourly resistance May 8 now support 
*SUP 4: $68.34 - Hourly support May 8
*COMMENTARY: The sharp sell-off Wed was short lived and aggressively reversed
resulting in fresh 2018 & 3+yr highs once again with bulls currently focused on
the bull channel tops. Bears now need a close below $70.46 to gain breathing
room and below $69.12 to hint at a correction back towards $66.85-67.63. A close
below $66.85 is needed to shift focus to $64.10-65.59 with the 55-DMA at $65.16.

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