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NYMEX HO (Q20): Focus Is On Trendline.....>

OIL TECHS
OIL TECHS: NYMEX HO (Q20): Focus Is On Trendline Support
*RES 4: $1.3344- High Mar 11 and gap low on the daily chart
*RES 3: $1.2866 - 38.2% of the Jan - Apr Sell-off
*RES 2: $1.2534 - High Jun 23
*RES 1: $1.2219 - High Jun 24
*PRICE: $1.1759 @ 07:20 GMT Jun 30
*SUP 1: $1.1296 - Low Jun 29
*SUP 2: $1.1225 - Trendline support drawn off the Apr 28 low
*SUP 3: $1.0780 - Low Jun 12
*SUP 4: $1.0424 - Low Jun 1
HO futures stalled at $1.2534 on Jun 23. The sharp pullback marks a failure to
extend gains following the recent break of former key resistance at $1.2092, Jun
8 high and highlights a bearish threat. Attention is on the key trendline
support drawn off Apr 28 low that intersects at $1.1225 today. A break would
signal a reversal and expose the key support at $1.0780, Jun 12 low. Price needs
to trade above $1.2434 to ease any bearish concerns.

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