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OIL TECHS: NYMEX WTI: (V17) $46.63 & $49.30 Levels Key
*RES 4: $48.59 - Hourly resistance Aug 21a
*RES 3: $48.35 - 100-DMA
*RES 2: $48.09 - Hourly support Aug 24 now resistance
*RES 1: $47.93 - Hourly resistance Aug 24
*PRICE: $47.77 @ 0430GMT
*SUP 1: $47.37 - Hourly support Aug 24
*SUP 2: $47.07 - Low Aug 24
*SUP 3: $46.95 - 55-DMA
*SUP 4: $46.63 - Low Aug 17
*COMMENTARY: Dips below the bull channel base are less than ideal for bulls
following hesitation ahead of 21 & 100-DMAs. Layers of resistance accumulating
is also a concern for bulls who look for a close above $49.30 to confirm breaks
of 21 & 100-DMAs and shift initial focus to $50.18-51.25 where the bear channel
top and 200-DMA are situated. Bears now look for a close below $46.63 to end
bullish hopes and target $45.31-59.