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NYMEX HO (G20): Downside Extension *RES...>

OIL TECHS
OIL TECHS: NYMEX HO (G20): Downside Extension
*RES 4: $2.0265 - 61.8% retracement of the Jan 8 - Jan 15 sell-off
*RES 3: $2.0162 - Low Dec 31
*RES 2: $1.9722 - High Jan 8
*RES 1: $1.9224 - High Jan 14
*PRICE: $1.8833 @ 07:26 GMT Jan 16
*SUP 1: $1.8848 - Low Jan 14
*SUP 2: $1.8798 - Low Dec 4
*SUP 3: $1.8668 - Low Dec 3
*SUP 4: $1.8404 - Low Nov 20
HO remains weak and extended the recent sell-off once again yesterday. Futures
are seen likely to stay soft following the sharp sell-off from $2.1195, Jan 8
high last week. This also resulted in a break of support at $2.0162, Dec 31 low
to effectively suggest a top has been put in place. With the technical picture
looking bearish, attention is on $1.8686, a retracement level. Initial
resistance is at Tuesday's $1.9224 high.

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