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NYMEX HO (G20): Bears Return *RES 4:......>

OIL TECHS
OIL TECHS: NYMEX HO (G20): Bears Return
*RES 4: $2.0524 -61.8% retracement of yesterday's range
*RES 3: $2.0317 - 50.0% retracement of yesterday's range
*RES 2: $2.0162 - Low Dec 31
*RES 1: $1.9853 - 23.6% retracement of yesterday's range
*PRICE: $1.9618 @ 07:39 GMT Jan 9
*SUP 1: $1.9438 - Low Dec 8
*SUP 2: $1.9285 - Low Dec 12
*SUP 3: $1.9165 - 61.8% retracement of the Oct 3 - Jan 8 rally
*SUP 4: $1.9000 - Round number support
HO was extremely volatile yesterday with futures trading sharply lower off the
day high of $2.1195. Significantly, price has traded below support at $2.0162,
Dec 31 low and this effectively suggests a top has been put in place for now
with the technical outlook signalling scope for a deeper pullback near-term. A
break of yesterday's low at $1.9438 would open $1.9165, a retracement level.
Initial resistance is at $1.9853.

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