NYMEX WTI: (V17) Bounce Buys Bulls........>

OIL TECHS: NYMEX WTI: (V17) Bounce Buys Bulls Breathing Room 

*RES 4: $48.91 - High Aug 21 

*RES 3: $48.14 - 100-DMA 

*RES 2: $47.94 - 21-DMA 

*RES 1: $47.47 - High Aug 31

*PRICE: $46.96 @ 0430GMT

*SUP 1: $46.88 - Hourly support Sept 1 

*SUP 2: $46.72 - High Aug 30 now support 

*SUP 3: $45.84 - Hourly support Aug 31 

*SUP 4: $45.58 - Low July 24 & Aug 31

*COMMENTARY: Despite pressure returning to the $45.21-58 support region bears

have so far failed to manage the close below needed to shift overall focus back

to tests of $42.52 June lows. The bounce Thursday provides bulls breathing room

with bulls now looking for a close above the 100-DMA ($48.14) to return

immediate focus to $48.91-49.31. The Bollinger band base ($45.76) remains the

key concern for bears and currently limits follow through.