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NYMEX HO (M20): Focus Is On The 20-Day....>

OIL TECHS
OIL TECHS: NYMEX HO (M20): Focus Is On The 20-Day EMA
*RES 4: $0.9507 - Low Apr 1
*RES 3: $0.9496 - High Apr 21
*RES 2: $0.8726 - 20-day EMA and a key resistance area
*RES 1: $0.8677 - High Apr 30
*PRICE: $0.8389 @ 07:13 GMT May 5
*SUP 1: $0.7769 - Low May 4 and key intraday support
*SUP 2: $0.7033 - Low Apr 29
*SUP 3: $0.6724 - Low Apr 28 and key support
*SUP 4: $0.6000 - Round number support
HO futures maintain a firmer tone following last week's recovery off $0.6724
that has also resulted in a probe of the key near-term resistance at $0.8632,
Apr 23 high. These developments pave the way for a move towards $0.8726, the
20-day EMA. A convincing break of the average is required to signal scope for a
stronger near-term bounce. On the downside, initial support is at $0.7769. Major
support lies at $0.6724.

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