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NYMEX HO (X20): Still Vulnerable

OIL TECHS
  • RES 4: $1.2155 - High Sep 3
  • RES 3: $1.2059 - High Oct 9 and the near-term bull trigger
  • RES 2: $1.1982 - High Oct 15
  • RES 1: $1.1694 - High Oct 23
  • PRICE: $1.1376 @ 07:05 GMT Oct 27
  • SUP 1: $1.1119 - Low Oct 26
  • 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 futures started the week on a softer note extending yesterday the downleg that has been in place since reversing lower on Oct 9. The break lower has exposed key support at $1.0688, Oct 2 low. This also marks the bear trigger where a break would set the scene for weakness towards $1.0319, a Fibonacci retracement. On the upside, initial firm resistance is seen at $1.1694, Oct 23 high.

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