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NYMEX HO (X20): Has Traded Through Major Support

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: $1.1052 @ 07:09 BST Oct 5
  • 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 traded lower Friday clearing key support at $1.0792, Sep 8 low. Despite finding support, a bearish outlook remains intact. The break of $1.0792 confirmed a resumption of the downtrend that has been in place since early August. This has opened $1.0319 further out, 76.4% retracement of the Apr - Aug rally. Firm resistance has been defined at $1.1608, Oct 1 high, Oct 1 high.

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