NYMEX WTI: (U17) Bears Need Close Below...>

OIL TECHS: NYMEX WTI: (U17) Bears Need Close Below $47.86 

*RES 4: $51.11 - Low May 23 now resistance 

*RES 3: $50.53 - Daily Bear channel top 

*RES 2: $50.10 - Alternating hourly support/resistance 

*RES 1: $49.78 - High Aug 8

*PRICE: $49.02 @ 0250GMT

*SUP 1: $48.50 - Low Aug 4 

*SUP 2: $48.38 - Low Aug 1 

*SUP 3: $48.25 - Low July 27 

*SUP 4: $47.86 - Low July 26

*COMMENTARY: Support emerging on dips back to $47.86-48.38 is a concern for

bears who need a close below the $47.86 to confirm an easing of bullish pressure

and below the 55-DMA ($46.95) to hint at a move back to $42.28 with below $45.16

to confirm. Layers of resistance $50.10-51.20 remain key. Bulls need a close

above the 200-DMA ($51.20) to confirm a bullish bias and shift immediate focus

to May highs ($52.63).