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OIL TECHS: NYMEX WTI: (U17) Bears Need Close Below $47.86
*RES 4: $51.11 - Low May 23 now resistance
*RES 3: $50.48 - Daily Bear channel top
*RES 2: $50.10 - Alternating hourly support/resistance
*RES 1: $49.78 - High Aug 8
*PRICE: $49.54 @ 0250GMT
*SUP 1: $48.87 - Low Aug 8
*SUP 2: $48.50 - Low Aug 4
*SUP 3: $48.38 - Low Aug 1
*SUP 4: $48.25 - Low July 27
*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 ($46.92) to hint at a move back to $42.28 with below $45.16
to confirm. Layers of resistance $50.10-51.18 remain key. Bulls need a close
above the 200-DMA ($51.18) to confirm a bullish bias and shift immediate focus
to May highs ($52.63).