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NYMEX HO (U19): Vulnerable *RES 4:........>

OIL TECHS
OIL TECHS: NYMEX HO (U19): Vulnerable
*RES 4: $1.9127 - Trendline resistance drawn off the May 16 high
*RES 3: $1.8839/43 - High Aug 13 and key resistance / 50-day EMA
*RES 2: $1.8800/43 - High Aug 21
*RES 1: $1.8455 - High aug 23
*PRICE: $1.8071 @ 07:13 BST Aug 26
*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 directional signals have turned bearish once again. A bearish candle
formation last Wednesday in the shape of a shooting star (inverted hammer)
signalled an end to the recent corrective recovery. This developed with
resistance at $1.8839, the Aug 13 high intact. The subsequent sell-off opens
$1.7914, the low of Aug 13. A break would open $1.7450, the key support and Aug
7 low. A move above $1.8839 is required to reinstate a bullish theme.

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