(U18) Higher Lows Still In Place *RES.....>

OIL TECHS: (U18) Higher Lows Still In Place

*RES 4: $698.75 - High May 22 

*RES 3: $681.50 - High July 7 

*RES 2: $668.50 - High July 27 

*RES 1: $666.25 - High August 7 

*PRICE: $649.00 @ 0545GMT 

*SUP 1: $638.25 - Low August 2 

*SUP 2: $627.00 - Low July 18 

*SUP 3: $622.70 - Bear channel bottom

*SUP 4: $610.05 - 200-DMA 

Gasoil saw a large selloff yesterday but managed to prevent a new low from

registering which keeps the outlook neutral in the short-term. The large flag

pattern that has been forming since the May 22 peak remains intact and bulls

need a break above $666.25 to gain the upper hand. On the downside, a close

below the august 2 low at $638.25 would give the bears the momentum and shift

the focus to bear channel support.