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OIL TECHS: NYMEX HO (U19): Reversal higher?
*RES 4: $1.947181 - High Jul 24 (continuation) / Trendline drawn off May 16 high
*RES 3: $1.9129 - High Aug 2
*RES 2: $1.9019 - 50-day EMA
*RES 1: $1.8839 - High Aug 13
*PRICE: $1.8027 @ 07:08 BST Aug 13
*SUP 1: $1.7914 - Low Aug 13
*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 rallied sharply yesterday breaking above resistance at $1.8303. This follows
the recent inability to convincingly break its June lows last Wednesday and has
neutralised the recent bearish tone. A strong move above the 50-day EMA at
$1.9018 would strengthen a bullish argument and pave the way for a climb towards
trendline resistance at $1.9481. On the downside, support for today lies at
$1.7914. A break would reopen support at $1.7450.