NYMEX WTI: (V17) Pressuring...............>

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.