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

OIL TECHS
OIL TECHS: NYMEX HO (N20): Bulls Still 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: $1.2022 @ 07:16 GMT Jun 24
*SUP 1: $1.1597 - Low Jun 17
*SUP 2: $1.1250/0534 - Trendline support drawn off the Apr 28 low / Low Jun 12
*SUP 3: $1.0084 - Low Jun 1
*SUP 4: $0.9562 - Low May 29 and key support
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 $1.1250 today. A break is
required to threaten the recent bull run and signal a reversal.

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