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NYMEX WTI: (Z17) $53.53-89 Support Now....>

OIL TECHS: NYMEX WTI: (Z17) $53.53-89 Support Now Key 
*RES 4: $55.89 - High Feb 21 
*RES 3: $55.41 - Daily Bull channel top 
*RES 2: $55.22 - High Nov 1 
*RES 1: $54.69 - Hourly resistance Nov 1
*PRICE: $54.35 @ 0430GMT
*SUP 1: $53.89 - Low Nov 1 
*SUP 2: $53.63 - Hourly support Oct 27 
*SUP 3: $53.14 - Hourly support Oct 27a 
*SUP 4: $52.86 - High Oct 26 now support
*COMMENTARY: The rejection ahead of the daily bull channel top is less than
ideal for bulls given daily studies looking to correct from O/B and the
Bollinger top ($54.87) limiting follow through. The marginal break of $53.93 has
lacked follow through with bears now needing a close below $55.63 to shift
initial focus back to $52.86. Bulls now need a close above $54.69 to gain
breathing room and setup for another test of the channel top.

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