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NYMEX HO (V20): Recovers

OIL TECHS
  • RES 4: $1.2569 - High Aug 31
  • RES 3: $1.2204 - 50.0% retracement of the Aug 5 - Sep 8 decline
  • RES 2: $1.1999 - 50-day EMA
  • RES 1: $1.1899 - 50.0% retracement of the Aug 5 - Sep 8 decline
  • PRICE: $1.1658 @ 07:17 BST Sep 18
  • SUP 1: $1.0968 - Low Sep 17
  • SUP 2: $1.0603 - 61.8% retracement of the Apr - Aug rally
  • SUP 3: $1.0570 - Low May 29
  • SUP 4: $1.0225 - Low May 15

HO futures traded higher yesterday. Futures recently found support ahead of $1.0603, 61.8% of the Apr - Aug rally. Attention turns to $1.1899, a Fibonacci retracement level and $1.1999, the 50-day EMA. A clear breach of the average would strengthen the current recovery. On the downside, $1.0603 remains the key support. A break would confirm a resumption of bearish pressure.

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