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NYMEX WTI: (Z17) Bears Need Close Below...>

OIL TECHS

OIL TECHS: NYMEX WTI: (Z17) Bears Need Close Below $50.48

*RES 4: $52.61 - Bollinger band top

*RES 3: $52.08 - High Sept 29

*RES 2: $51.69 - High Oct 11

*RES 1: $51.48 - Hourly resistance Oct 11

*PRICE: $51.18 @ 0430GMT

*SUP 1: $50.88 - Hourly support Oct 12

*SUP 2: $50.48 - Low Oct 12

*SUP 3: $50.13 - High Oct 9 now support

*SUP 4: $49.77 - 55-DMA

*COMMENTARY: Volatile trading saw Z17 recover from below the 55-DMA to pressure

$52.08. Bulls continue to look for a close above $52.08 to return immediate

focus to $53.11 and overall focus to $53.73-54.42 where the bull channel top is

located. Layers of support are building and correcting O/S studies supporting.

Bears now need a close below $50.48 to ease bullish pressure and below $49.44 to

target $48.05-71 where the 100-DMA and bull channel base are found.

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