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NYMEX HO (N19): Technical Outlook.........>

OIL TECHS
OIL TECHS: NYMEX HO (N19): Technical Outlook Remains Bearish
*RES 4: $1.9861/96 - 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: $1.8056    @ 06:04 GMT Jun 7
*SUP 1: $1.7527/19 - Low Jun 6/76.4% Dec-May rally
*SUP 2: $1.7402    - Low Jun 5
*SUP 3: $1.7257    - High Dec 26
*SUP 4: $1.6687    - L/T Up Trendline Support
Despite a minor recovery off cycle lows, trend and momentum indicators continue
to generate bearish signals for Heating Oil futures. The recent death cross
formation, 50-dma below 200-dma adds further weight to the negative technical
picture. This sets up a test of the major up trendline support currently
intervening at $1.6687. Below here the focus switches to the December lows at
$1.6326.

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