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OIL TECHS: NYMEX HO (N20): Uptrend Still Intact
*RES 4: $1.1535 - High Apr 9
*RES 3: $1.1000 - Round number resistance
*RES 2: $1.0712 - High May 26
*RES 1: $1.0315 - High May 27
*PRICE: $0.9725 @ 07:11 GMT May 29
*SUP 1: $0.9556 - Low May 18
*SUP 2: $0.9535 - Trendline support drawn off the Apr 28 low
*SUP 3: $0.9307 - Low May 15
*SUP 4: $0.9000 - Round number support
HO maintains a bullish outlook. The recovery off $0.7439, Apr 28 low resulted in
a break of resistance at $0.9127, Apr 23 high. Furthermore, futures managed to
clear the 20-day EMA and the former resistance at $0.9590, May 6 high
reinforcing the bullish cycle. The contract has also tested the 50-day EMA
currently at $1.0433. A clear break would open 1.1000 and 1.1535. The latter is
the Apr 9 high. Key trendline support is at 0.9535, drawn off the Apr 28 low.