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NYMEX HO: (X18) Forming A Base At $2.30...>

OIL TECHS
OIL TECHS: NYMEX HO: (X18) Forming A Base At $2.30 
*RES 4: $2.6000 - Resistance 
*RES 3: $2.5500 - Channel top 
*RES 2: $2.4496 - High Oct 3 
*RES 1: $2.3590 - Low Oct 8, now resistance 
*PRICE: $2.3181 @ 06:04 GMT 
*SUP 1: $2.3000 - Support 
*SUP 2: $2.1974 - Low Sep 18 
*SUP 3: $2.1813 - High Aug 14 now support 
*SUP 4: $2.1252 - 200-dma 
With $2.30 holding firm bulls look to use this level as a base to launch a
challenge on the cycle highs seen earlier this months. The Oct 8 low at $2.3590,
now acting as resistance, is the next upside target and a break above here opens
the Oct 3 peak. Bears need to break below Thursday's low at $2.2838 to target
the Sep 18 low at $2.1974, below which the bigger picture outlook turns
negative.

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