NYMEX HO (N20): Bulls In Charge *RES 4:...>

OIL TECHS: NYMEX HO (N20): Bulls In Charge

*RES 4: $139.29 - High Mar 9

*RES 3: $132.08 - High Mar 11

*RES 2: $1.2766 - High Mar12

*RES 1: $1.2505 - 38.2% retracement of the Jan - Apr Sell-off

*PRICE: $1.2117 @ 07:17 GMT Jun 19

*SUP 1: $1.00964/0534 - Trendline support drawn off the Apr 28 low / Low Jun 12

*SUP 2: $1.0084 - Low Jun 1

*SUP 3: $0.9562 - Low May 29 and key support

*SUP 4: $0.9307 - Low May 15

HO has strengthened this week. The move higher confirms a resumption of the

uptrend that has been in place since Apr 28 and maintains the bullish price

sequence of higher highs and higher lows that defines an uptrend. The focus is

on 125.05, a Fibonacci retracement. The initial key support is defined by the

trendline drawn off the Apr 28 low that intersects at $1.0964 today. A break

would threaten the recent bull run and signal a reversal.