(U18) Strong Bull Flag Potential *RES.....>

OIL TECHS: (U18) Strong Bull Flag Potential

*RES 4: $2.2387 - High July 10 

*RES 3: $2.1953 - Daily bear channel top 

*RES 2: $2.1834 - High July 27 

*RES 1: $2.1786 - High Aug 14 

*PRICE: $2.1668 @ 05.57 GMT 

*SUP 1: $2.1199 - Intraday Low Aug 21

*SUP 2: $2.0760 - Low Aug 15 

*SUP 3: $2.0490 - Low July 18 

*SUP 4: $2.0407 - 200-DMA 

A bull flag formation appears to be in the offing as bulls take control to

challenge a number of key overhead resistance levels at the Aug 14 high, the

July 27 high, and the bear channel top at $2.1953. A break above here would

bring the July 10 highs and May 22 highs squarely into focus. Bears need a close

back below Tuesday's intraday low of $2.1199 to take the pressure off, and a

close below the Aug 15 low to return the focus lower.