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OIL TECHS: NYMEX WTI: (M18) Bears Need Close Below $70.26
*RES 4: $74.36 - Weekly Bull channel top
*RES 3: $73.25 - Low Nov 11 2014 now resistance
*RES 2: $72.06 - Daily Bull channel top
*RES 1: $71.89 - 2018 High May 10
*PRICE: $71.17 @ 2130GMT
*SUP 1: $70.26 - Low May 14
*SUP 2: $69.51 - Alternating hourly support/resistance
*SUP 3: $69.12 - Hourly resistance May 8 now support
*SUP 4: $68.79 - 21-DMA
*COMMENTARY: Despite looking offered Monday bears failed to capitalise on the
break of Friday's low with bulls taking comfort in the bounce that maintains
immediate pressure on the bull channel top and then the $73.25-74.36 region
above. Bears now need a close below $70.26 to ease bullish pressure and shift
initial focus back to $66.85-67.63. O/B daily studies looking to correct are the
key concern for bulls.