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NYMEX HO (N20): Trendline Support.........>

OIL TECHS
OIL TECHS: NYMEX HO (N20): Trendline Support Exposed
*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 - High Jun 8 and Jun 10 and the bull trigger
*PRICE: $1.0851 @ 06:49 GMT Jun 15
*SUP 1: $1.0583 - Trendline support drawn off the Apr 28 low
*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 gains stalled last week and futures appear vulnerable for now. Attention is
on the initial key support at $105.83, marking trendline support drawn off the
Apr 28 low. A break of this line would threaten the recent bull run and also
signal a possible reversal exposing $95.62, May 29 low. While it holds,
pullbacks are considered corrective. On the upside, key resistance and the bull
trigger has been defined at $118.24, Jun 8 high.

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