(U18) Testing The Mid-July Highs *RES.....>

OIL TECHS: (U18) Testing The Mid-July Highs

*RES 4: $785.00 - High November 24 2014 

*RES 3: $698.75 - High May 22 

*RES 2: $690.00 - High May 25 

*RES 1: $685.25 - High July 10 

*PRICE: $681.25 @ 05:52 GMT 

*SUP 1: $668.00 - Resistance now support 

*SUP 2: $653.00 - Intraday low August 22 

*SUP 3: $636.25 - Low August 15 

*SUP 4: $627.00 - Low July 18 

Gasoil's rally took a pause yesterday but the uptrend remains in place and the

Jul 10 high of $685.25 is increasingly at risk of being taken out as bulls look

to break out into a higher trading range. The May 22 peak is in focus and above

here would open up the Nov 2014 highs. Bears need to recover the $668.00 level

to shift the near-term outlook neutral, but the solid base formed at the bear

channel bottom will be difficult to breach.