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NYMEX HO: (N18) $2.2467 Support Remains...>

OIL TECHS

OIL TECHS: NYMEX HO: (N18) $2.2467 Support Remains Key

*RES 4: $2.4358 - High Nov 21 2014 (Cont)

*RES 3: $2.3514 - 2015 High Feb 27 2015

*RES 2: $2.2987 - High May 17

*RES 1: $2.2885 - Hourly resistance May 24

*PRICE: $2.2794 @ 0430GMT

*SUP 1: $2.2467 - Low May 21

*SUP 2: $2.2258 - Low May 16

*SUP 3: $2.2113 - Daily bull channel base

*SUP 4: $2.2029 - Low May 14

*COMMENTARY: The contract fell short of 2018 highs Tuesday leaving a double

daily top is place around $2.2987. Topside follow through was lacking with

correcting O/B daily studies and momentum divergence key concerns for bulls.

Bears now need a close below $2.2467 to gain breathing room and below $2.1827 to

confirm breaks of the 21-DMA and bull channel base, shifting focus to $2.0774.

Bulls look for a close above $2.2987 to add support to their case.

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