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OIL TECHS: NYMEX WTI: (Z17) $52.86-53.63 Support Region Now Key
*RES 4: $56.60 - Monthly High Feb 2
*RES 3: $55.20 - Daily Bull channel top
*RES 2: $55.02 - Monthly Apr 12
*RES 1: $54.20 - High Oct 27
*PRICE: $53.96 @ 0430GMT
*SUP 1: $53.63 - Hourly support Oct 27
*SUP 2: $53.14 - Hourly support Oct 27a
*SUP 3: $52.86 - High Oct 26 now support
*SUP 4: $52.25 - Low Oct 27
*COMMENTARY: Pressure returning to the $53.11 resistance last week provided
bulls hope and resulted in a break and aggressive rally that reconfirms the
bullish bias with focus now on $55.02-20 where the daily bull channel top and
Apr highs are noted. Layers of support are following the contract higher with
bears now needing a close below $53.63 to ease immediate bullish pressure and
below $52.86 to shift focus back to the 21-DMA ($51.67).