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NYMEX HO: (U18) Focus Back On Downside....>

OIL TECHS
OIL TECHS: NYMEX HO: (U18) Focus Back On Downside
*RES 4: $2.1953 - Daily bear channel top
*RES 3: $2.1834 - High July 27 
*RES 2: $2.1786 - High August 14 
*RES 1: $2.1363 - 100-DMA 
*PRICE: $2.0938 @ 07:40 GMT 
*SUP 1: $2.0760 - Low August15 
*SUP 2: $2.0490 - Low July 18
*SUP 3: $2.0296 - 200-DMA
*SUP 4: $2.0220 - Daily bear channel bottom
Failure to breach the recent range top triggered a sharp reversal of the early
week gains, leaving a bearish pattern in place on intraday charts. Focus is now
likely to return to the downside and 2.0760 ahead of the July 18 low at 2.0490.
A break above the initial 2.1857 range top and the bear channel resistance at
2.1953 is needed to allow a test of 2.2388.

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