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NYMEX HO (Q20): Trendline Support.........>

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: $1.3000 - Round number resistance
*RES 1: $1.2910 - High Jul 21
*PRICE: $1.2525 @ 07:00 GMT Jul 24
*SUP 1: $1.2438 - Trendline support drawn off the Apr 28 low
*SUP 2: $1.1994 - Low Jul 10 and key near-term support
*SUP 3: $1.1826 - 50-day EMA
*SUP 4: $1.1296 - Low Jun 29
HO futures traded to fresh trend high this week clearing the former key
resistance at 1.2583, Jul 6 high. This confirmed a resumption of the underlying
uptrend and paves the way for a climb towards the $1.3000 handle next and
$1.3344, high Mar 11 and a gap low on the daily chart. Price action has remained
above trendline support drawn off the Apr 28 low. The line intersects at $1.2438
today. A trendline break would signal a reversal.

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