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NYMEX HO: (U18) Bear Channel Top In.......>

OIL TECHS
OIL TECHS: NYMEX HO: (U18) Bear Channel Top In Sight 
*RES 4: $2.1834 - High July 27 
*RES 3: $2.1791 - High July 31 
*RES 2: $2.1590 - Low July 30 now resistance and 55-DMA
*RES 1: $2.1442 - High August 3 
*PRICE: $2.1415 @ 0550GMT 
*SUP 1: $2.1132 - Low August 3 
*SUP 2: $2.0867 - Low August 2 
*SUP 3: $2.0718 - Low July 19 
*SUP 4: $2.0490 - Low July 18 
Nymex heating oil continues to trade in line with the major oil benchmarks with
gains made late last week following through into this weeks price action. Bulls
are closing in on the 55-DMA and late-July highs, which would open up an assault
on the upper bound of the bear daily bear channel going back to mid-May. To
shift the outlook back to bearish we would need to see a close below the August
2 low at $2.0862.

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