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OIL TECHS: NYMEX WTI: (V17) Bulls Need Close Above 100-DMA
*RES 4: $48.91 - High Aug 21
*RES 3: $48.07 - 100-DMA
*RES 2: $47.84 - 21-DMA
*RES 1: $47.65 - High Sept 4
*PRICE: $47.42 @ 0250GMT
*SUP 1: $47.15 - Hourly support Sept 4
*SUP 2: $46.56 - Low Sept 1
*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
failed to manage the close below needed to shift overall focus back to tests of
$42.52 June lows. The bounce Thursday provided bulls breathing room with bulls
still looking for a close above the 100-DMA ($48.07) to return immediate focus
to $48.91-49.31. The Bollinger band base ($45.82) remains the key concern for
bears and recently limited follow through.