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NYMEX HO (V20): Ending The Week On A Softer Note?

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: $1.2896 - High Aug 25
  • PRICE: $1.2218 @ 08:57 BST Aug 28
  • SUP 1: $1.2103 - Low Aug 21 and the bear trigger
  • 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 also appear to be ending the week under pressure with prices pulling away from recent highs. Gains earlier this week did probe resistance at 128.68, Aug 11 high. Further gains if seen, would expose $1.3192, Aug 5 high and the key bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend and open $1.3394, a retracement level. Key support to watch is at $1.2103, Aug 21 low. A breach would be bearish.

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