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NYMEX HO (Q19): Still heavy for now.......>

OIL TECHS
OIL TECHS: NYMEX HO (Q19): Still heavy for now
*RES 4: $2.0456/70 - Jun 23 high / 76.4% retracement of the May 16-Jun 5 decline
*RES 3: $2.0250 - High May 28
*RES 2: $1.9896/97 - 61.8% retracement of May 16-Jun 5 decline / Intraday high
*RES 1: $1.9610 - High Jul 2
*PRICE: $1.9024 @ 06:21 BST Jul 8
*SUP 1: $1.8681/94 - 50.0% retracement of Jun 5-Jul 1 rally / Low Jul 5
*SUP 2: $1.8485 - Jun 10 low and key support
*SUP 3: $1.8394 - 61.8% retracement of the Jun 5-Jul 1 rally
*SUP 4: $1.8039 - 76.4% retracement of the Jun 5-Jul 1 rally
HO is likely to remain under pressure near-term following the sell-off last week
and the rejection on Jul 1 off the 61.8% Fibonacci retracement of the Jun5-Jul1
rally at 1.9896. Attention is on the key support at 1.8485, the Jun 10 high. If
this level fails to contain the sell-off, scope for a deeper pullback would
exist and open 1.8394, the 61.8% retracement of the Jun 5-Jul 1 climb. The 76.4%
retrace level is at 1.8039. On the upside, 1.9610 marks initial resistance.

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