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(Q20): Testing Trendline Support

  • RES 4: $1.4000 - Round number resistance
  • RES 3: $1.3344 - High Mar 11 and gap low on the daily chart
  • RES 2: $1.3000 - Round number resistance
  • RES 1: $1.2910 - High Jul 21 and the bull trigger
  • PRICE: $1.2585 @ 08:03 GMT Jul 28
  • SUP 1: $1.2581 - Trendline support drawn off the Apr 28 low
  • SUP 2: $1.1994 - Low Jul 10 and key near-term support
  • SUP 3: $1.1882 - 50-day EMA
  • SUP 4: $1.1296 - Low Jun 29

HO futures traded to fresh trend high last week clearing 1.2583, Jul 6
high. This confirms a resumption of the uptrend and opens the $1.3000
handle next and $1.3344, high Mar 11 and a gap low on the daily chart.
Price action has remained above trendline support drawn off the Apr 28
low but is this week testing the support line. The line intersects at
$1.2581. A break would signal a reversal. Watch support at $1.1994.

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