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NYMEX HO (N19): Upside likely with........>

OIL TECHS
OIL TECHS: NYMEX HO (N19): Upside likely with bulls in control
*RES 4: $2.0442 - 76.4% retracement of the May 16-Jun 5 decline
*RES 3: $2.0219 - High May 28, low May 7/9
*RES 2: $1.9861 - 61.8% retracement of the May 16-Jun 5 decline
*RES 1: $1.9355/92 - 50-day EMA and 50% retracement of the May 16-Jun 5 decline
*PRICE: $1.9277 @ 06:40 BST Jun 24
*SUP 1: $1.8426 - High Jun 10 and last weeks bullish breakout point
*SUP 2: $1.7802 - Jun 18 low
*SUP 3: $1.7717 - Low Jun 12
*SUP 4: $1.7402 - Low Jun 5
HO last week cleared former resistance at the June 6 high of $1.8426 confirming
the return of a bullish theme. The subsequent follow through on Thursday and
Friday reinforces this tone with momentum indicators in agreement. Further price
gains are favoured with the next objective at $1.9392, the 50% retracement of
the May 16-Jun 5 low. Clearance of the 50% retracement handle would open 1.9861,
the 61.8% level. Initial support lies at $1.8426.
Energy BulletsCommodities
Energy BulletsCommodities

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