NYMEX HO (F20): Bullish Following Range...>

OIL TECHS: NYMEX HO (F20): Bullish Following Range Breakout

*RES 4: $2.0782 - Sep 16 high and primary resistance

*RES 3: $2.0493 - 1.236 projection of Oct 3 - Oct 28 rally from Nov 20 low

*RES 2: $2.0135 - 76.4% retracement of Sep 16 - Oct 3 decline

*RES 1: $2.0115 - High Dec 16

*PRICE: $2.0035 @ 06:53 GMT Dec 17

*SUP 1: $1.9553 - Low Dec 13

*SUP 2: $1.9160 - Low Dec 11

*SUP 3: $1.8693 - Low Dec 3 and key support

*SUP 4: $1.8441 - Low Nov 20

HO remains bullish extending gains yesterday. The contract has cleared key

resistance at $1.9716, Nov 27 high The break confirms a clear range breakout and

a resumption of the recovery that began off the Oct 3 low. The break higher has

also confirmed a breach of the 61.8% retracement of the Sep 16 to Oct 3 decline

at $1.9735. This opens the $2.0135, 76.4% retracement. Initial support is

$1.9553 although the key support is seen at $1.9160, low Dec 11.