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

OIL TECHS
OIL TECHS: NYMEX HO (N20): Trendline Support Remains Intact
*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: $1.1411 @ 07:00 GMT Jun 16
*SUP 1: $1.0678/0534 - 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 gains stalled last week. Attention has been on the initial key support
defined by the trendline drawn off the Apr 28 low. The trendline intersects at
$1.0678 today. A break would threaten the recent bull run and also signal a
possible reversal exposing $0.9562, May 29 low. While it holds, recent pullbacks
are considered corrective. A break of key resistance and the bull trigger at
$118.24, Jun 8 high would confirm a resumption of the uptrend.

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