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OIL TECHS: NYMEX WTI: (X17) $48.96 Support Now Key
*RES 4: $51.13 - 200-DMA
*RES 3: $50.62 - Monthly High Aug 1
*RES 2: $49.84 - High Sept 9
*RES 1: $49.72 - Bollinger band top
*PRICE: $49.63 @ 0250GMT
*SUP 1: $49.33 - Hourly support Sept 13
*SUP 2: $48.96 - High Sept 12 now support
*SUP 3: $48.61 - Low Sept 13
*SUP 4: $48.24 - 21-DMA
*COMMENTARY: The bounce from the 55-DMA ($47.92) sees immediate pressure on
$49.84 as X17 flirts with the daily bear channel top ($49.60). Bulls look for a
close above $49.84 to confirm a break of the channel top and shift immediate
focus to $50.62-51.45 where the 200-DMA is located. Daily studies approaching
O/B and the Bollinger top are key concerns for bulls. Bears now need a close
below $48.96 to ease bullish pressure and shift focus to DMAs $47.92-48.24.