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Late Risk Appetite Gathers Momentum

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Fresh Bear Cycle Low

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Bullish Extension

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OIL TECHS
OIL TECHS: NYMEX WTI: (V17) Pressuring 55-DMA/Channel Base 
*RES 4: $48.63 - 100-DMA 
*RES 3: $48.48 - Hourly resistance Aug 14 
*RES 2: $48.33 - High Aug 16 
*RES 1: $47.60 - Hourly support Aug 16 now resistance
*PRICE: $47.09 @ 0430GMT
*SUP 1: $47.04 - Daily Bull channel base 
*SUP 2: $46.88 - 55-DMA 
*SUP 3: $45.59 - Low July 24 
*SUP 4: $45.31 - Low July 13
*COMMENTARY: The correction lower from Aug 1 highs continues to find support
around the 55-DMA and daily bull channel base. Bears need a close below the
55-DMA to shift immediate focus to $45.31-59 and overall focus back to tests of
$42.51 June lows. Resistance layers are building with bulls needing a close
above the 100-DMA to gain breathing room and above $49.30 to return focus to
$50.51-51.29 where the 200-DMA is noted.

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