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NYMEX HO (N20): Heading North *RES 4:.....>

OIL TECHS
OIL TECHS: NYMEX HO (N20): Heading North
*RES 4: $1.2766 - High Mar12
*RES 3: $1.2505 - 38.2% retracement of the Jan - Apr Sell-off
*RES 2: $1.2000 - Round number resistance
*RES 1: $1.1824 - Intraday high
*PRICE: $1.1699 @ 07:21 GMT Jun 8
*SUP 1: $1.0468 - Low Jun 4
*SUP 2: $1.0107 - Trendline support drawn off the Apr 28 low
*SUP 3: $0.9562 - Low May 29 and key support
*SUP 4: $0.9307 - Low May 15
HO remains bullish following last week's gains above $1.0712, May 26 high. The
break importantly confirmed a resumption of the uptrend that has been in place
since the Apr 28 low of $0.7439. Attention is on $1.1884, Apr 2 high and the key
resistance. A break would open $125.05, a Fibonacci retracement. On the
downside, key support has been defined at $0.9562, May 29 low. Note, trendline
support drawn off the Apr 28 low intersects at $1.0107.

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