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NYMEX HO (M19) Greenshoots of a Rally.....>

OIL TECHS
OIL TECHS: NYMEX HO (M19) Greenshoots of a Rally
*RES 4: $2.2125 - Low Oct 24, 2018
*RES 3: $2.1852 - High Nov 8, 2018
*RES 2: $2.1268 - High Apr 22
*RES 1: $2.1077 - High May 13
*PRICE: $2.0940 @ 07:05 GMT May 16
*SUP 1: $2.0351/0209 - 55-dma/Low May 7
*SUP 2: $1.9569/9417 -100-dma/Low Mar 8
*SUP 3: $1.9281 - Feb 4 high
*SUP 4: $1.8236 - Low Jan 28
Heating oil futures bounced off key support at the 55-dma. The move initially
targets 2.1077 ahead of 2.1268. The imminent formation of a golden cross in the
DMAs may also provide bulls the upper hand from here. A break below the 55-dma
and the May 7 low at $2.0209 would suggest a downside reversal towards the
100-dma/Low Mar 8 at $1.9569/9417
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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