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OIL TECHS: NYMEX HO (M20): Needle Still Points North
*RES 4: $0.9883 - High Apr 20
*RES 3: $0.9507 - Low Apr 1
*RES 2: $0.9496 - High Apr 21
*RES 1: $0.9199 - High May 6 and bull trigger
*PRICE: $0.8707 @ 07:17 GMT May 12
*SUP 1: $0.8022 - Low May 6
*SUP 2: $0.7769 - Low May 4 and key near-term support
*SUP 3: $0.7033 - Low Apr 29
*SUP 4: $0.6724 - Low Apr 28 and key support
HO stalled last Wednesday at $0.9199. A bullish theme remains in place though.
The recovery off $0.6724, Apr 28 low resulted in a break of resistance at
$0.8632, Apr 23 high. Furthermore, futures have managed to probe the 20-day EMA
reinforcing the current bullish cycle. Attention is on $0.9496, Apr 21 high and
potentially $1.000 further out. Firm support is seen at $0.7769, the May 4 low.