NYMEX HO (V20): Remains Vulnerable

• RES 4: $1.2569 - High Aug 31
• RES 3: $1.2192 - 50-day EMA
• RES 2: $1.1931 20-day EMA
• RES 1: $1.1443 - High Sep 8
• PRICE: $1.0806 @ 07:00 BST Sep 11
• SUP 1: $1.0603 - 61.8% retracement of the Apr - Aug rally
• SUP 2: $1.0570 - Low May 29
• SUP 3: $1.0225 - Low May 15
• SUP 4: $0.9991 - 76.4% retracement of the Apr - Aug rally

HO futures remain bearish following last week's move lower and this week's acceleration of the current downleg . MA studies have also shifted to a bearish mode. Furthermore, futures have breached support at $1.1903, Jul 30 low and $1.1257, Jun 12 low as well as a number of retracement levels. The focus is on $1.0603 next, a Fibonacci retracement level and $1.0570, May 29 low. On the upside, initial resistance is seen at Tuesday's high of $1.1443.