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NYMEX WTI: (V17) Pressure On 55-DMA ......>

OIL TECHS
OIL TECHS: NYMEX WTI: (V17) Pressure On 55-DMA 
*RES 4: $49.42 - High Sept 6 
*RES 3: $48.63 - Low Sept 7 now resistance 
*RES 2: $48.47 - Hourly support Sept 5 now resistance 
*RES 1: $48.04 - Hourly support Sept 8 now resistance
*PRICE: $47.87 @ 0430GMT
*SUP 1: $47.38 - 55-DMA 
*SUP 2: $47.27 - Low Sept 8 
*SUP 3: $46.56 - Low Sept 1 
*SUP 4: $45.84 - Hourly support Aug 31
*COMMENTARY: The contract remained capped ahead of the daily bear channel top
($49.58) last week with the sell-off and bearish close Friday easing bullish
pressure and now pressuring the 55-DMA. Bears need 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 now need a close above $48.63 to return focus to $49.42-58 where the
bear channel top is noted.

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