NYMEX HO (X20): Still Vulnerable

• RES 4: $1.2341 - 61.8% retracement of the Aug 5 - Oct 2 decline
• RES 3: $1.2155 - High Sep 3
• RES 2: $1.2059 - High Oct 9 and the near-term bull trigger
• RES 1: $1.1982 - High Oct 15
• PRICE: $1.1527 @ 07:17 BST Oct 23
• SUP 1: $1.1012 76.4% retracement of the Oct 2 -9 rally
• 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 traded lower Wednesday, clearing support at $1.1317, Oct 6 low. The break confirms a resumption of the downleg that has followed the rejection off $1.2059, Oct 9 high. With bears still in charge, scope is seen for weakness towards $1.1012, a retracement level ahead of the primary support at $1.0688, Oct 2 low. This latter level also marks the key bear trigger. Key resistance is at $1.2059.