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NYMEX HO: (G18) Bears Need Close Below....>

OIL TECHS
OIL TECHS: NYMEX HO: (G18) Bears Need Close Below 2.0500
*RES 4: $2.2105 - High Dec 2 2014
*RES 3: $2.0959 - Weekly Bollinger band top
*RES 2: $2.0914 - Daily Bull channel top
*RES 1: $2.0893 - High Jan 2
*PRICE: $2.0593 @ 0430GMT
*SUP 1: $2.0500 - Hourly support Dec 29
*SUP 2: $2.0201 - Low Dec 27
*SUP 3: $1.9808 - High Dec 12 now support
*SUP 4: $1.9644 - Alternating support/resistance
*COMMENTARY: Fresh 2017 & 2+ year highs reconfirmed the bullish bias with
immediate focus on $2.0914-0959 where the Bollinger band top and bull channel
top are located with a close above targeting $2.2105. The $2.0500 support is key
today after the lack of topside follow through Tuesday. Bears need a close below
$2.0500 to ease bullish pressure and below $2.0201 to shift focus back to layers
of support $1.9032-1.9808.

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