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OIL TECHS: NYMEX HO (Z19): Downside Pressure Remains
*RES 4: $2.0138 - High Sep 19
*RES 3: $1.9833 - 61.8% retracement of Sep 17 - Oct 3 low
*RES 2: $1.9799 - High Oct 24 and key near-term resistance
*RES 1: $1.9611 - High Oct 29
*PRICE: $1.9071 @ 07:37 BST Oct 31
*SUP 1: $1.8950 - Low Oct 30
*SUP 2: $1.8804 - Low Oct 15 and key near-term support
*SUP 3: $1.8588 - Low Oct 8
*SUP 4: 1.8151 - Low Oct 3 and primary support
HO gains stalled last week at $1.9799, Oct 24 high. This was also just ahead of
the 61.8% retracement of Sep 17 - Oct 3 decline at $1.9833 and does reinforce
the potential significance of the recent move lower which continued yesterday.
The support to watch today is $1.8804, Oct 15 low that if breached would further
undermine the recent recovery and expose $1.8588, Oct 8 low. The trigger for a
resumption of strength and to reinstate a bullish theme is $1.9799.