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NYMEX HO (X20): Bulls Return

OIL TECHS
  • RES 4: $1.2077 - 50.0% retracement of the Aug 5 - Sep 8 decline
  • RES 3: $1.1856 - 50-day EMA
  • RES 2: $1.1858 - High Sep 18 and the near-term bull trigger
  • RES 1: $1.1608 - High Oct 1
  • PRICE: $1.1370 @ 07:11 BST Oct 6
  • SUP 1: $1.0688 - Low Oct 2 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 rallied sharply higher yesterday signalling a possible reversal of the downtrend that has dominated since Aug 5. A reversal pattern defines yesterday's price action, a bullish engulfing candle. This suggests a base has developed at $1.0688, Friday's low and if correct, signals scope for recovery towards a key resistance at $1.1858, Sep 18 high. On the downside, weakness below $1.0688 is required to reinstate a bearish theme.

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