NYMEX HO (G19) Bearish Range Break *RES...>

OIL TECHS: NYMEX HO (G19) Bearish Range Break

*RES 4: $2.1137 - 200-dma (continuation chart) 

*RES 3: $2.0518 - Prior range lows, now resistance (continuation chart) 

*RES 2: $1.9534 - High Dec 7 (continuation chart) 

*RES 1: $1.9265 - High Jan 21 

*PRICE: $1.8452 @ 05:41 GMT Jan 29 

*SUP 1: $1.8368 - 21-dma (continuation chart) 

*SUP 2: $1.7843 - Low Nov 30 (continuation chart) 

*SUP 3: $1.6424 - Low Jan 02 

*SUP 4: $1.5488 - Low Aug 17, 2017 (continuation chart) 

Heating Oil futures broke lower yesterday out of their sideways range, shifting

the focus to the 21-dma which comes in at $1.8368. A close below here would open

the Nov 30 low at $1.7834 ahead of the Jan 2 low at $1.6424. Bulls need to hold

above the 21-dma to keep the broader recovery intact and allow a test of the Jan

21 high at $1.9265. A break above here would extend the recovery and trigger an

inverse head and shoulders pattern, initially targeting the Dec 7 highs.