NYMEX HO (V20): Bullish Price Sequence Intact

• RES 4: $1.3598 - High Mar 11
• RES 3: $1.3394 - 38.2% retracement of the Jan - Apr decline
• RES 2: $1.3192 - High Aug 5 and the bull trigger
• RES 1: $1.2902 - High Aug 6
• PRICE: $1.2700 @ 08:12 BST Aug 17
• SUP 1: $1.2401 - Low Aug 7
• SUP 2: $1.1903 - Low Jul 30 and a key reversal trigger
• SUP 3: $1.1788 - Low Jun 29
• SUP 4: $1.1257 - Low Jun 12

HO futures continue to consolidate but bullish conditions remain intact. The focus is on the bull trigger at $1.3192, Aug 5 high where a break would confirm a resumption of the uptrend and open, $1.3392 a retracement level and $1.3605, Mar 9 high. The core trend sequence of higher highs and higher lows remains intact, reinforcing underlying bullish conditions. Key near-term support for now is seen at $124.01, Aug 7 low.