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NYMEX HO (V20): Bulls Still In Charge

OIL TECHS
  • 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: $1.2647 @ 07:34 BST Aug 21
  • 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 maintain a consolidative tone 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.

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