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NYMEX HO (U19): Bearish bias *RES 4:......>

OIL TECHS
OIL TECHS: NYMEX HO (U19): Bearish bias
*RES 4: $1.9134 - Trendline resistance drawn off the May 16 high
*RES 3: $1.8839 - High Aug 13 and key resistance
*RES 2: $1.8771/8800 - 50-day EMA / High Aug 21
*RES 1: $1.8593 - High Aug 28
*PRICE: $1.8476 @ 06:30 BST Aug 29
*SUP 1: $1.7897 - Low Aug 26
*SUP 2: $1.7719 - Low Aug 9
*SUP 3: $1.7450 - Low Aug 7 and bear trigger
*SUP 4: $1.7402 - Low Jun 5 (continuation)
HO outlook is bearish. A bearish candle on Aug 21 in the shape of a shooting
star (inverted hammer) signalled an end to the recent correction between Aug 7 -
Aug 13. The subsequent sell-off left key resistance at $1.8839, the Aug 13 high
intact. Despite this weeks bounce, the focus is on Monday's 1.7897 low where a
break would open $1.7450, the key support and Aug 7 low. On the upside, a move
above $1.8839 is required to reinstate a bullish theme.

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