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NYMEX HO (N19): Bulls return *RES 4:......>
OIL TECHS: NYMEX HO (N19): Bulls return
*RES 4: $2.0209 - High May 28, low May 7/9
*RES 3: $1.9861/16 - 61.8% retracement of the May 16-Jun 5 decline
*RES 2: $1.9344/92 - 50-day EMA and 50% retracement of the May 16-Jun 5 decline
*RES 1: $1.9196 - High May 31
*PRICE: $1.8824 @ 07:39 BST Jun 21
*SUP 1: $1.8345 - Jun 20 low
*SUP 2: $1.7802 - Jun 18 low
*SUP 3: $1.7717 - Low Jun 12
*SUP 4: $1.7527/19 - Low Jun 6/76.4% Dec-May rally
HO has cleared the June 3 high of $1.8564 and yesterday's follow through
confirms a bullish reversal. The daily close above $1.8564 reinforces this
outlook with scope now for an extension higher. The next objective is $1.9328,
the 50% retracement of the May 16-Jun 5 low. Note that the 50-day EMA intersects
at $1.9344 today so a key area of resistance exists around the $1.9300 handle.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.