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SONIA FIX - 22/07/22

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OIL TECHS
OIL TECHS: NYMEX HO (Q20): Trendline Support Intact
*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: $1.2416 @ 07:10 GMT Jul 16
*SUP 1: $1.2010 - Trendline support drawn off the Apr 28 low
*SUP 2: $1.1646 - 50-day EMA
*SUP 3: $1.1296 - Low Jun 29
*SUP 4: $1.0780 - Low Jun 12 and the key reversal trigger
HO futures managed a fresh trend high print of $1.2583 early last week trading
above the former trend resistance of $1.2534, Jun 23 high. The break higher
confirmed a resumption of the uptrend and paves the way for a climb towards
$1.2866, a Fibonacci retracement level. Price continues to trade above trendline
support drawn off the Apr 28 low. The line intersects at $1.2010. A trendline
break would highlight a reversal.

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