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NYMEX HO (V20): Bearish Focus

  • RES 4: $1.2204 - 61.8% retracement of the Aug 5 - Sep 8 decline
  • RES 3: $1.1899 - 50.0% retracement of the Aug 5 - Sep 8 decline
  • RES 2: $1.1808 - 50-day EMA
  • RES 1: $1.1713 - High Sep 18 and the near-term bull trigger
  • PRICE: $1.1344 @ 07:20 BST Sep 29
  • SUP 1: $1.0871 - Low Sep 23
  • SUP 2: $1.06005/03 - Low Sep 8 / 61.8% of the Apr - Aug rally
  • SUP 3: $1.0570 - Low May 29
  • SUP 4: $1.0225 - Low May 15

HO futures outlook is bearish despite recent gains. The sell-off on Sep 21 confirmed a top at $1.1713, Sep 18 high and price action recently stalled just above the 20-day EMA. Also, a bearish price pattern on Sep 18, a doji and the Sep 21 move lower has reinforced a bearish themel. Continued weakness would open $1.0605, Sep 8 low where a break would resume the downtrend. $1.1713 is key resistance and a reversal trigger.

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