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OIL TECHS: NYMEX HO: (V18) Focus Returns To The Downside
*RES 4: $2.6000 - Resistance
*RES 3: $2.5000 - Resistance
*RES 2: $2.4000 - Measured move from bull flag breakout
*RES 1: $2.3089 - High Sep 4
*PRICE: $2.2273 @ 04:54 GMT
*SUP 1: $2.2124 - 21-DMA
*SUP 2: $2.1817 - High Aug 14 now support
*SUP 3: $2.0823 - Low Aug 15
*SUP 4: $2.0713 - 200-DMA
After failing to regain the Sep 4 high earlier this week focus has returned to
the downside in the near-term with a break of the 21-dma at $2.2124 all it would
take to shift the outlook bearish. The Aug 14 would at $2.1817 would come into
play below the 21-dma. Bulls need to overcome the Sep 4 high at $2.3089 to
extend the rally. Above here would target the measured move area at $2.40.