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NYMEX HO: (Q18) Bull Channel Base.........>

OIL TECHS
OIL TECHS: NYMEX HO: (Q18) Bull Channel Base Supporting
*RES 4: $2.1525 - 55-DMA
*RES 3: $2.1463 - Low June 13 now resistance
*RES 2: $2.1391 - High June 20
*RES 1: $2.1096 - Hourly support June 22 now resistance
*PRICE: $2.0981 @ 0430GMT
*SUP 1: $2.0808 - Daily Bull channel base off Feb low
*SUP 2: $2.0689 - Low June 18
*SUP 3: $2.0543 - 100-DMA
*SUP 4: $2.0312 - Low Apr 11
*COMMENTARY: The failure ahead of the 55-DMA keeps bearish hopes alive and sees
focus back on $2.0312-0808 where the 100-DMA & bull channel base off Feb lows
are located. Bears now need a close below $2.0312 to confirm a break of the
100-DMA and focus on $1.9428-1.9920. Bulls now need a close above the 55-DMA to
ease bearish pressure and above $2.1913 to shift focus back to $2.2421-2960.

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