(J20): Path Of Least Resistance Remains...>

OIL TECHS: (J20): Path Of Least Resistance Remains Down

*RES 4: $1.5555 - High Mar 5

*RES 3: $1.4993 - High Mar 6

*RES 2: $1.3783 - Low Mar 6 and gap high on the daily chart

*RES 1: $1.2297 - High Mar 9 and gap low on the daily chart

*PRICE: $1.2037 @ 07:37 GMT Mar 10

*SUP 1: $1.0799 - Low Mar 9

*SUP 2: $1.0566 - 1.236 projection of the Jan 8 - Feb 4 move from Feb 20 high

*SUP 3: $1.0000 - Psychological round number

*SUP 4: $0.9789 - 1.382 projection of the Jan 8 - Feb 4 move from Feb 19 high

HO suffered a sharp sell-off yesterday. The move lower again confirmed a

resumption of this year's downtrend paving the way for more weakness. The focus

is on $1.0566, a Fibonacci projection and $1.0000. Note that today's price

action has caused a $1.2297 - $1.3783 gap on daily charts and it would not be a

surprise to see the market fill this gap. Whether that happens in the near-term

or at a later date remains to be seen. Heavy!