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NYMEX HO (K20):Downtrend Extends *RES.....>

OIL TECHS
OIL TECHS: NYMEX HO (K20):Downtrend Extends
*RES 4: $0.8849 - 20-day EMA
*RES 3: $0.8144 - High Apr 23 and key resistance
*RES 2: $0.7280 - High Apr 24
*RES 1: $0.6765 - High Apr 27
*PRICE: $0.5900 @ 09:16 GMT Apr 28
*SUP 1: $0.5800 - Intraday low
*SUP 2: $0.5684 - 2.236 projection of Jan 8 - Feb 4 sell-off from Feb 20 high
*SUP 3: $0.5000 - Round number support
*SUP 4: $0.4938 - 2.382 projection of Jan 8 - Feb 4 sell-off from Feb 20 high
HO remains bearish and has once again traded to fresh 2020 lows. This confirms a
resumption of this year's downtrend and maintains the current bearish price
sequence of lower lows and lower highs. The recent break of the former low at
$0.6725, paves the way for weakness towards $0.5684 next, a Fibonacci projection
level. On the upside, Initial resistance is seen at $0.0.6765 while key
near-term resistance has been defined at $0.8144, Apr 23 high.

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