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

OIL TECHS: NYMEX HO (Q20): Trendline Support Holds

*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: $1.2428 @ 07:47 GMT Jul 21

*SUP 1: $1.1994 - Low Jul 10 and key near-term support

*SUP 2: $1.1691 - 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 Jul 6 trading above the

former trend resistance of $1.2534, Jun 23 high but has since entered a

consolidative phase. A bullish theme remains intact and scope is seen for a

climb towards $1.2866, a Fibonacci retracement. Attention is on a trendline

support drawn off the Apr 28 low. The line intersected at $1.2153 yesterday and

survived a test. A clear trendline break would highlight a reversal.