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NYMEX HO (Q20): Trendline Support Tested

  • 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: $1.2463 @ 08:36 GMT Jul 27
  • SUP 1: $1.2510 - Trendline support drawn off the Apr 28 low
  • SUP 2: $1.1994 - Low Jul 10 and key near-term support
  • SUP 3: $1.1855 - 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 remained above trendline support drawn off the Apr 28
low. The line intersects at $1.2510 today and is being tested. A break
would signal a reversal. Watch support at $1.1994, Jul 10 low.

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