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NYMEX HO: (M18) Bears Need Close Below....>

OIL TECHS
OIL TECHS: NYMEX HO: (M18) Bears Need Close Below $2.1338
*RES 4: $2.3257 - Low Nov 14 2014 now resistance
*RES 3: $2.2117 - High Dec 1 2014 (Cont)
*RES 2: $2.1977 - Bollinger band top
*RES 1: $2.1726 - 2018 High Apr 30
*PRICE: $2.1514 @ 0430GMT
*SUP 1: $2.1338 - Hourly support Apr 30
*SUP 2: $2.1059 - Low Apr 25
*SUP 3: $2.0923 - Low Apr 23
*SUP 4: $2.0796 - Low Apr 20
*COMMENTARY: The lack of topside follow through on 2018 & 3+yr highs is a
concern for bulls given daily momentum divergence, correcting O/B studies and
the Bollinger top capping. Bears now look for a close below $2.1338 to gain
breathing room and below $2.1059 to shift initial focus to $2.0743-0796 where
the 21-DMA is located. While $2.1338 supports immediate bullish focus remains on
$2.2117-3257 where levels seen late 2014 are situated.

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