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NYMEX HO (N20): Bulls Remain In Charge....>

OIL TECHS
OIL TECHS: NYMEX HO (N20): Bulls Remain 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: $1.2099 @ 07:09 GMT Jun 23
*SUP 1: $1.1155/0534 - 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 remains bullish. The move higher last week confirmed 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 $1.1155 today. A break is
required to threaten the recent bull run and signal a reversal.

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