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(V20): Off Recent Highs

OIL TECHS
  • RES 4: $1.3598 - High Mar 11
  • RES 3: $1.3394 - 38.2% retracement of the Jan - Apr decline
  • RES 2: $1.3192 - High Aug 5 and the bull trigger
  • RES 1: $1.2896 - High Aug 25
  • PRICE: $1.2610 @ 07:12 BST Aug 27
  • SUP 1: $1.2103 - Low Aug 21 and the bear trigger
  • SUP 2: $1.1903 - Low Jul 30 and a key reversal trigger
  • SUP 3: $1.1788 - Low Jun 29
  • SUP 4: $1.1257 - Low Jun 12

HO futures traded higher Tuesday probing resistance at 128.68, Aug 11 high but found resistance yesterday. Further gains would expose $1.3192, Aug 5 high and the key bull trigger. Clearance of this hurdle would negate recent bearish developments and confirm a resumption of the uptrend. This would open $1.3394, a retracement level. Key near-term support has been defined at $1.2103, Aug 21 low. A breach would again highlight a bearish threat.

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