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NYMEX HO (V20): Bearish Theme Dominates

OIL TECHS
  • RES 4: $1.2896 - High Aug 25
  • RES 3: $1.2569 - High Aug 31
  • RES 2: $1.2297 20-day EMA
  • RES 1: $1.1920 - High Sep 3
  • PRICE: $1.1344 @ 07:49 BST Sep 7
  • SUP 1: $1.1250 - Intraday low
  • SUP 2: $1.1097 - 50.0% retracement of the Apr - Aug rally
  • SUP 3: $1.0976 - Low Jun 1
  • SUP 4: $1.0603 - 61.8% retracement of the Apr - Aug rally

HO futures sold off sharply last week extending the pullback from the recent high of $1.2896, Aug 25 high. Last week's move resulted in a breach of support at $1.2103, Aug 21 low and $1.1903, Jul 30 low. The break lower confirms a near-term top and signals scope for a deeper corrective pullback. The focus is on $1.1097, a Fibonacci retracement. On the upside, initial resistance is at $1.1920, Sep 31 high.

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