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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: $1.1959 - High Jun 16 and intraday bull trigger
*PRICE: $1.1710 @ 07:15 GMT Jun 17
*SUP 1: $1.0774/0534 - 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 has strengthened this week and yesterday traded above resistance at 1.1824,
Jun 8 and 10 high. This confirms a resumption of the uptrend that has been in
place since Apr 28. Attention this week has also been on the initial key support
defined by the trendline drawn off the Apr 28 low. The trendline intersects at
$1.0774 today. A break would threaten the recent bull run and also signal a
possible reversal exposing $0.9562, May 29 low.

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