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NYMEX HO (N19): Looking For Direction.....>

OIL TECHS
OIL TECHS: NYMEX HO (N19): Looking For Direction
*RES 4: $1.9861 - 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: $1.8158 @ 06:13 GMT Jun 14
*SUP 1: $1.7717 - Low Jun 12
*SUP 2: $1.7527/19 - Low Jun 6/76.4% Dec-May rally
*SUP 3: $1.7402 - Low Jun 5
Despite rallying on the oil tanker headlines yesterday, 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. Heating oil futures are
currently charting a Doji candle, which is a sign of indecision. Trend
indicators remain negative with bears continuing to target the ytd Jun 5 low at
$1.7402. Bulls need to recover the Jun 3 high to stabilise the outlook and mount
a S/T recovery.

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