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NYMEX HO (X20): Approaching Major Support

OIL TECHS


  • RES 4: $1.2077 - 50.0% retracement of the Aug 5 - Sep 8 decline
  • RES 3: $1.1898 - 50-day EMA
  • RES 2: $1.1858 - High Sep 18 and the near-term bull trigger
  • RES 1: $1.1608 - High Oct 1
  • PRICE: $1.0964 @ 09:18 BST Oct 2
  • SUP 1: $1.0792 - Low Sep 8 and the bear trigger
  • SUP 2: $1.0470 - Low May 15
  • SUP 3: $1.0319 - 76.4% retracement of the Mar - Aug rally
  • SUP 4: $1.0047 - Low May 14

HO futures are under pressure too this morning following yesterday's sharp sell-off. The move lower has resumed a bearish focus with attention on key support at $1.0792, Sep 8 low. A break of this level would confirm a resumption of the downtrend that has been in place since early August. This would open $1.0319 further out, 76.4% retracement of the Apr - Aug rally. Firm resistance has been defined at $1.1608, Oct 1 high.

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