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NYMEX HO (N19): Bulls return *RES 4:......>

OIL TECHS
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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