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NYMEX HO (Q20): Bulls Still In Charge.....>
OIL TECHS: NYMEX HO (Q20): Bulls Still In Charge
*RES 4: $1.4000 - Round number resistance
*RES 3: $1.3344- High Mar 11 and gap low on the daily chart
*RES 2: $1.2866 - 38.2% of the Jan - Apr Sell-off
*RES 1: $1.2583 - High Jul 6 and the bull trigger
*PRICE: $1.2365 @ 08:11 GMT Jul 13
*SUP 1: $1.1796 - Trendline support drawn off the Apr 28 low
*SUP 2: $1.1296 - Low Jun 29
*SUP 3: $1.0780 - Low Jun 12 and the key reversal trigger
*SUP 4: $1.0424 - Low Jun 1
HO futures managed a fresh trend high print early last week trading above the
former trend resistance of $1.2534, Jun 23 high. The break higher does confirm a
resumption of the uptrend and paves the way for a climb towards $1.2866, a
Fibonacci retracement level. Price has also remained above trendline support
drawn off the Apr 28 low. The line intersects at $1.1796. A trendline break is
required to highlight a reversal.
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