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OIL TECHS: NYMEX WTI: (Z17) Below $53.93 To Ease Bullish Pressure
*RES 4: $55.89 - High Feb 21
*RES 3: $55.34 - Daily Bull channel top
*RES 2: $55.02 - Monthly Apr 12
*RES 1: $54.85 - High Oct 31
*PRICE: $54.67 @ 0305GMT
*SUP 1: $54.55 - Hourly support Nov 1
*SUP 2: $53.93 - Low Oct 31
*SUP 3: $53.63 - Hourly support Oct 27
*SUP 4: $53.14 - Hourly support Oct 27a
*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 on $55.02-34 where the daily bull channel top and Apr
highs are noted. Layers of support are following the contract higher. Bears now
need a close below $53.93 to ease bullish pressure and below $52.86 to shift
initial focus back to the 21-DMA ($52.03).