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NYMEX HO (N19): Downtrend Intact *RES.....>

OIL TECHS
OIL TECHS: NYMEX HO (N19): Downtrend Intact
*RES 4: $1.9861/80 - 61.8% May fall/100-dma
*RES 3: $1.9438 - Low Mar 28, now resistance
*RES 2: $1.9196 - High May 31
*RES 1: $1.8564 - High June 3
*PRICE: $1.8006 @ 06:12 GMT Jun 12
*SUP 1: $1.7915 - Low Jun 7
*SUP 2: $1.7527/19 - Low Jun 6/76.4% Dec-May rally
*SUP 3: $1.7402 - Low Jun 5
The overall bearish technical structure remains in place, with the recent
recovery falling just shy of the 38.2% retracement level of the last decline.
This is consistent with a corrective rebound which now seems complete. A break
back below the $1.7915 level would trigger a renewed bearish technical signal,
bringing the $1.7402 low back into view. Trend indicators are negative, while
momentum indicators are neutral. Initial resistance remains at 1.8564, with
gains above here needed to provide some near-term stability.

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