NYMEX HO (G20): Choppy But Remains........>

OIL TECHS: NYMEX HO (G20): Choppy But Remains Bullish

*RES 4: $2.2000 - Round number resistance

*RES 3: $2.1712 - 2.000 projection of Oct 3 - Oct 28 rally from Nov 20 low

*RES 2: $2.1322 - 1.764 projection of Oct 3 - Oct 28 rally from Nov 20 low

*RES 1: $2.1195 - Intraday high

*PRICE: $2.0481 @ 07:18 GMT Jan 8

*SUP 1: $2.0065 - Low Dec 7

*SUP 2: $1.9725 - High Dec 6

*SUP 3: $1.9157 - Low Nov 12

*SUP 4: $1.8658 - Low Dec 3

HO rallied higher overnight before selling off sharply. Price action remains

volatile however despite this volatility, a bullish outlook is maintained. A

positive theme follows Friday's gains that saw price trade above above the

recent high of $2.0782, Dec 30 high to confirm a resumption of the uptrend that

has been in place since the early October lows. The focus is on $2.1322 next, a

Fibonacci projection level. Initial support is at $2.0065, yesterday's low.