NYMEX WTI: (V17) $47.90 Support Key ......>

OIL TECHS: NYMEX WTI: (V17) $47.90 Support Key 

*RES 4: $51.32 - 200-DMA 

*RES 3: $50.63 - Daily Bear channel top 

*RES 2: $50.51 - High Aug 1 

*RES 1: $49.67 - Hourly support Aug 10 now resistance

*PRICE: $48.93 @ 0430GMT

*SUP 1: $48.16 - Low Aug 11 

*SUP 2: $47.90 - High July 20 now support 

*SUP 3: $47.02 - 55-DMA 

*SUP 4: $45.59 - Low July 24

*COMMENTARY: Support emerging on dips back to $47.90 remains a concern for bears

who need a close below the $47.90 to confirm an easing of bullish pressure and

below the 55-DMA ($47.02) to hint at a move back to $42.51 with below $44.03 to

confirm. Initial resistance is noted at $49.67 with bulls needing a close above

to ease bearish pressure and return focus to key resistance $50.51-51.32 where

the 200-DMA ($51.32) is noted.