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

OIL TECHS: NYMEX WTI: (V17) Bears Now Need Close Below $46.63 

*RES 4: $49.30 - High Aug 14 

*RES 3: $48.78 - 21-DMA 

*RES 2: $48.59 - Hourly resistance Aug 21a 

*RES 1: $48.16 - Hourly resistance Aug 21

*PRICE: $47.75 @ 0430GMT

*SUP 1: $47.36 - Daily Bull channel base 

*SUP 2: $47.21 - Low Aug 21 

*SUP 3: $46.94 - Low Aug 18 

*SUP 4: $46.88 - 55-DMA

*COMMENTARY: Bulls failed to capitalise on the recovery from last week's low

with the sell-off ahead of $49.30 taking out $48.33 and shifting focus back to

layers of support $46.63-47.36. Bears now need a close below $46.63 to end

bullish hopes and initially target $45.31-59 with overall focus on $42.51 June

lows. Initial resistance is noted at $48.16 but bulls look for a close above

$48.59 to see focus return to $49.30.