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OIL TECHS: NYMEX HO (U19): June Lows Have Held
*RES 4: $1.9647 - High Jul 31 (continuation)
*RES 3: $1.9471 - High Jul 24 (continuation)
*RES 2: $1.9129 - High Aug 2
*RES 1: $1.8526/57 - Low Jul 18 (continuation)/ High Aug 6
*PRICE: $1.7790 @ 08:00 BST Aug 9
*SUP 1: $1.7402 - Low Jun 5 (continuation)
*SUP 2: $1.6801 - Low Jan 3 (continuation)
*SUP 3: $1.6424 - Low Jan 2 (continuation)
HO failed to break its June lows on Wednesday and there may be some short-term
pausing of the move lower. However, we remain below the previous trendline
support leaving medium-term technicals focused on the downside. Medium term
focus is now set to return to the 1.7402 June low.