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OIL TECHS
OIL TECHS: NYMEX WTI: (U17) Bears Need Close Below $47.86 
*RES 4: $50.44 - Daily Bear channel top 
*RES 3: $50.22 - High Aug 10 
*RES 2: $49.52 - Hourly resistance Aug 10a 
*RES 1: $48.93 - Hourly resistance Aug 10
*PRICE: $48.46 @ 0430GMT
*SUP 1: $48.38 - Low Aug 1 
*SUP 2: $48.30 - 21-DMA 
*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 ($46.87) to hint at a move back to $42.28 with below $45.16
to confirm. Initial resistance is noted at $48.93 but bulls need a close above
$49.52 to ease bearish pressure and return focus to key resistance $50.22-51.20
where the 200-DMA ($51.20) is noted.

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