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NYMEX WTI: (U17) Bulls Focused On.........>

OIL TECHS
OIL TECHS: NYMEX WTI: (U17) Bulls Focused On $50.70-51.31 
*RES 4: $51.11 - Low May 23 now resistance 
*RES 3: $50.88 - Daily Bear channel top 
*RES 2: $50.70 - Alternating hourly support/resistance 
*RES 1: $50.10 - Hourly resistance July 31
*PRICE: $49.89 @ 0430GMT
*SUP 1: $49.23 - High July 27 now support 
*SUP 2: $48.88 - Low July 28 
*SUP 3: $48.25 - Low July 27 
*SUP 4: $47.86 - Low July 26
*COMMENTARY: The recovery from a dip below the 21-DMA ($46.92) last Monday sees
the U17 gaining traction above the 100-DMA ($48.64) and focus on $50.70-51.31.
The bear channel top and 200-DMA are noted in this region. Bears now need a
close below $48.88 to ease immediate bullish pressure and below $47.86 to shift
focus to 21 & 55-DMAs ($46.92-47.10). Below the 21-DMA is needed to pressure
$45.16-45.64 where the bull channel base is found.

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