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OIL TECHS: NYMEX HO (Z19): Bearish Threat Increases
*RES 4: $1.9799 - High Oct 24 and key near-term resistance
*RES 3: $1.9689 - High Nov 6
*RES 2: $1.9612 - High Nov 15
*RES 1: $1.9072 - High Nov 19
*PRICE: $1.8571 @ 06:49 GMT Nov 20
*SUP 1: $1.8527 - Low Nov 19
*SUP 2: $1.8151 - Low Oct 3 and primary support
*SUP 3: $1.7825 - Low Sep 3
*SUP 4: $1.7708 - Low Aug 8
HO experienced strong selling pressure Tuesday resulting in a break of key
support at $1.8594, Oct 31 low. The move below this support signals a developing
bearish risk and has opened primary support at $1.8151, Oct 3 low. At this
stage, trend directional signals are relatively flat given the recent broad
consolidation. However this would likely change if prices extend the downside. A
move above yesterday's $1.9072 is needed to resume a neutral tone.