NYMEX HO (Q19): Bullish recovery or.......>

OIL TECHS: NYMEX HO (Q19): Bullish recovery or correction?

*RES 4: $2.0250 - High May 28

*RES 3: $2.0181 - High Jul 11 and key resistance

*RES 2: $1.9889 - High Jul 12

*RES 1: $1.9737 - High Jul 16

*PRICE: $1.9492 @ 06:23 BST Jul 31

*SUP 1: $1.8969 - Low Jul 29

*SUP 2: $1.8857 - Low Jul 23

*SUP 3: $1.8526/03 - Low Jul 18 / 61.8% of the rally between Jun 5-Jul 11

*SUP 4: $1.8485 - High Jun 10

HO is firmer having traded above former resistance $1.9471, the Jul 24 high.

This somewhat offsets the bearish risk alluded to earlier this week and the

focus turns to the potential for gains towards resistance at $1.9889 and the key

level at $2.0181, the high of Jul 11. It is still possible that recent gains are

part of a broader correction. However for a bearish theme to return, a break of

support at $1.8857 is required. This would open $1.8526.