NYMEX WTI: (V17) Bears Need Close Below...>

OIL TECHS: NYMEX WTI: (V17) Bears Need Close Below 55-DMA 

*RES 4: $49.67 - Hourly support Aug 10 now resistance 

*RES 3: $49.30 - High Aug 14 

*RES 2: $48.48 - Hourly resistance Aug 14 

*RES 1: $48.16 - Low Aug 11 now resistance

*PRICE: $47.89 @ 0250GMT

*SUP 1: $47.18 - Low Aug 15 

*SUP 2: $46.93 - 55-DMA, Daily Bull channel base 

*SUP 3: $45.59 - Low July 24 

*SUP 4: $45.31 - Low July 13

*COMMENTARY: The correction lower from Aug 1 highs is now finding support ahead

of the 55-DMA and daily bull channel base. Bears now need a close below the

55-DMA to shift immediate focus to $45.31-59 and overall focus back to tests of

$42.51 June lows. Resistance layers are starting to build with bulls needing a

close above $48.48 to gain breathing room and above $49.30 to return focus to

$50.51-51.31 where the 200-DMA is noted.