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NYMEX HO (V20): Bearish Focus

OIL TECHS
  • RES 4: $1.2569 - High Aug 31
  • RES 3: $1.2050- 50-day EMA
  • RES 2: $1.1675 20-day EMA
  • RES 1: $1.1443 - High Sep 8
  • PRICE: $1.1067 @ 07:12 BST Sep 16
  • SUP 1: $1.0603 - 61.8% retracement of the Apr - Aug rally
  • SUP 2: $1.0570 - Low May 29
  • SUP 3: $1.0225 - Low May 15
  • SUP 4: $0.9991 - 76.4% retracement of the Apr - Aug rally

HO futures remain bearish following last week's move lower that confirmed an extension of the recent sell-off. MA studies have also shifted to a bearish mode reinforcing bearish conditions. Furthermore, futures have breached support at $1.1903, Jul 30 low and $1.1257, Jun 12 low as well as a number of retracement levels. The focus is on $1.0603 next, a Fibonacci retracement level and $1.0570, May 29 low. Initial resistance is seen at $1.1443, Sep 8 high.

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