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NYMEX HO (X20): Outlook Remains Bullish

OIL TECHS
  • RES 4: $1.2651 - High Sep 2
  • RES 3: $1.2341 - 61.8% retracement of the Aug 5 - Oct 2 decline
  • RES 2: $1.2155 - High Sep 3
  • RES 1: $1.2059 - High Oct 9 and the near-term bull trigger
  • PRICE: $1.1674 @ 07:11 BST Oct 21
  • SUP 1: $1.1317 Low Oct 6 and key near-term support
  • SUP 2: $1.0688 - Low Oct 2 and the bear trigger
  • SUP 3: $1.0470 - Low May 15
  • SUP 4: $1.0319 - 76.4% retracement of the Mar - Aug rally

HO futures outlook remains bullish despite the recent pullback. The contract rallied sharply higher on Oct 5 signalling a reversal of the downtrend that has dominated since Aug 5. The reversal pattern that defines price action on Oct 5 is a bullish engulfing candle. This confirmed a base at $1.0688, Oct 2 low. The focus is on $1.2341 further out, a Fibonacci retracement. Initial firm support lies at $1.1317, Oct 6 low.

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