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OIL TECHS: NYMEX HO: (N18) Above $2.2467 To Target 2018 High
*RES 4: $2.2467 - Low May 21 now resistance
*RES 3: $2.2168 - Hourly resistance May 31
*RES 2: $2.2150 - 21-DMA
*RES 1: $2.1917 - Hourly resistance June 1
*PRICE: $2.1658 @ 0430GMT
*SUP 1: $2.1541 - Hourly resistance June 7 now support
*SUP 2: $2.1296 - 55-DMA
*SUP 3: $2.1098 - Low June 6
*SUP 4: $2.0877 - Monthly Low May 2
*COMMENTARY: Failure to gain traction below the 55-DMA has seen the contract
bounce back towards $2.1917. Bulls need a close above to gain breathing room and
above $2.2467 to return immediate focus to 2018 highs. Correcting O/B studies
are a concern for bears and add support to the bullish case. Bears look for a
close below $2.1541 to ease renewed bullish pressure and below $2.0774 to
confirm traction below the 55-DMA and to shift immediate focus to $2.0344-0458.