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NYMEX HO (V20): Key Supports Cleared

OIL TECHS


  • RES 4: $1.3192 - High Aug 5 and the bull trigger
  • RES 3: $1.2896 - High Aug 25
  • RES 2: $1.2569 - High Aug 31
  • RES 1: $1.1920 - High Sep 3
  • PRICE: $1.16234 @ 07:48 BST Sep 4
  • SUP 1: $1.1384 - Low Sep 3
  • SUP 2: $1.1257 - Low Jun 12
  • SUP 3: $1.1097 - 50.0% retracement of the Apr - Aug rally
  • SUP 4: $1.0976 - Low Jun 1

HO futures have sold off sharply this week extending the pullback from the recent high of $1.2896, Aug 25 high. This week's move has 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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