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NYMEX HO (Q20): Trading Below Trendline Support

OIL TECHS
  • RES 4: $1.4000 - Round number resistance
  • RES 3: $1.3344 - High Mar 11 and gap low on the daily chart
  • RES 2: $1.3000 - Round number resistance
  • RES 1: $1.2910 - High Jul 21 and the bull trigger
  • PRICE: $1.2585 @ 08:03 GMT Jul 28
  • SUP 1: $1.2396 - Intraday low
  • SUP 2: $1.1994 - Low Jul 10 and key near-term support
  • SUP 3: $1.1903 - 50-day EMA
  • SUP 4: $1.1296 - Low Jun 29

HO futures traded to fresh trend high last week clearing 1.2583, Jul 6
high. This confirms a resumption of the uptrend and opens the $1.3000
handle next and $1.3344, high Mar 11 and a gap low on the daily chart.
Price action has this week edged below trendline support drawn off the
Apr 28 low. The key support to watch is $1.1994, Jul 10 low. A breach
would be bearish and confirm a trendline break.

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