NYMEX HO (Q20): Trading Below Trendline Support

• 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.