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

OIL TECHS
OIL TECHS: NYMEX HO: (M18) Bears Need Close Below $2.2312
*RES 4: $2.4358 - High Nov 21 2014 (Cont)
*RES 3: $2.3514 - 2015 High Feb 27 2015
*RES 2: $2.3069 - 2018 High May 17
*RES 1: $2.2998 - Bollinger band top
*PRICE: $2.2869 @ 0430GMT
*SUP 1: $2.2654 - Low May 17
*SUP 2: $2.2510 - Hourly resistance May 16 now support
*SUP 3: $2.2312 - Low May 16
*SUP 4: $2.2097 - Low May 14
*COMMENTARY: Fresh 2018 & 3+yr highs continue as bulls remain focused on $2.3514
2015 highs. O/B studies and the Bollinger band top remain key concerns for
bulls. In saying that, bears now need a close below $2.2654 to gain breathing
room and below $2.2312 to shift initial focus back to $2.1782-1836 where the
21-DMA is located. Below the 21-DMA is needed to see bears targeting
2.0414-0796.

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