NYMEX HO (Q20): Uptrend Remains Intact....>

OIL TECHS: NYMEX HO (Q20): Uptrend Remains 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: $1.2179 @ 07:01 GMT Jul 15

*SUP 1: $1.1939 - Trendline support drawn off the Apr 28 low

*SUP 2: $1.1613 - 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 does

confirm a resumption of the uptrend and paves the way for a climb towards

$1.2866, a Fibonacci retracement level. Price is currently consolidating but

continues to trade above trendline support drawn off the Apr 28 low. The line

intersects at $1.1939. A trendline break would highlight a reversal.