NYMEX HO (F20): Bullish Theme Intact......>

OIL TECHS: NYMEX HO (F20): Bullish Theme Intact

*RES 4: $2.1127 - 1.618 projection of Oct 3 - Oct 28 rally from Nov 20 low

*RES 3: $2.0782 - Sep 16 high and primary resistance

*RES 2: $2.0735 - 1.382 projection of Oct 3 - Oct 28 rally from Nov 20 low

*RES 1: $2.0560 - Intraday high

*PRICE: $2.0537 @ 07:29 GMT Dec 27

*SUP 1: $2.0129 - Low Dec 23

*SUP 2: $2.0028 - Low Dec 17

*SUP 3: $1.9734 - High Dec 6 and former breakout point

*SUP 4: $1.9553 - Low Dec 13

HO is bullish. The contract recently cleared key resistance at $1.9716, Nov 27

high. This confirmed 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 76.4% retracement of the Sep 16 to Oct 3 decline at $2.0135. This opens

2.0782 next, Sep 16 high and a key resistance. A break would open 2.1127, a

Fibonacci projection level. Initial support is seen at $2.0129, Dec 23 low.