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NYMEX WTI: (V17) Bulls Need Close Above...>

OIL TECHS
OIL TECHS: NYMEX WTI: (V17) Bulls Need Close Above $48.63 
*RES 4: $49.53 - Daily Bear channel top 
*RES 3: $49.42 - High Sept 6 
*RES 2: $48.63 - Low Sept 7 now resistance 
*RES 1: $48.47 - Hourly support Sept 5 now resistance
*PRICE: $48.05 @ 0430GMT
*SUP 1: $47.91 - Hourly support Sept 11 
*SUP 2: $47.63 - Hourly support Sept 11a 
*SUP 3: $47.00 - Low Sept 11 
*SUP 4: $46.56 - Low Sept 1
*COMMENTARY: Following on from Friday's pullback the dip below the 55-DMA
($47.46) lacked follow through Monday with the contract finding support ahead of
$46.56. Bears continue to look for a close below $46.56 to confirm focus back on
$45.21-58. Below $45.21 is needed to target $42.52 June lows. Bulls still need a
close above $48.63 to return focus to $49.42-53 where the bear channel top is
noted.

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