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OIL TECHS: NYMEX WTI: (N18) Bulls Need Close Above 55-DMA
*RES 4: $68.67 - High May 30
*RES 3: $68.17 - Hourly resistance May 31
*RES 2: $67.44 - 55-DMA
*RES 1: $66.35 - Low May 30 now resistance
*PRICE: $65.68 @ 0430GMT
*SUP 1: $65.15 - Low June 8
*SUP 2: $64.85 - 100-DMA
*SUP 3: $63.87 - High Apr 5
*SUP 4: $61.73 - Monthly Low Apr 6
*COMMENTARY: Bulls take comfort in the lack of follow through on dips below the
100-DMA with focus having returned to $66.35-68.70 where 21 & 55-DMAs are noted.
Bulls need a close above the 55-DMA ($67.44) to gain breathing room and above
the 21-DMA ($68.70) to shift focus higher. While the 55-DMA caps bears retain
the advantage and need a close below $63.87 to shift initial focus to $61.73 and
overall focus to $56.93-59.78 where the 200-DMA and Feb lows are noted.