NYMEX HO (Q19): Pullbacks viewed as a.....>

OIL TECHS: NYMEX HO (Q19): Pullbacks viewed as a correction

*RES 4: $2.0442 - Bull channel top drawn off the Jun 5 low

*RES 3: $2.0250 - High May 28

*RES 2: $2.0181 - High Jul 11 and bull trigger

*RES 1: $1.9889 - High Jul 12

*PRICE: $1.9521 @ 06:31 BST Jul 16

*SUP 1: $1.9424 - Intraday low

*SUP 2: $1.9172/43 - Trendline drawn off the Jun 18 low / Low Jul 10

*SUP 3: $1.8870 - Low Jul 9

*SUP 4: $1.8694 - Low Jul 5

HO resumed its bull trend last week with the break of resistance at $1.9897. The

move higher also confirmed a breach of the 61.8% retracement of the May 16-Jun 5

decline at $1.9896. With momentum studies maintaining a bullish position, the

focus now shifts to the high of May 28 at $2.0250 and the 76.4% retracement of

the May 16-Jun 5 decline at 2.0470. The recent pullback is viewed as a

correction. Support has been defined at last Wednesday's low of $1.9143.