NYMEX HO (G20): Gains Likely To Extend....>

OIL TECHS: NYMEX HO (G20): Gains Likely To Extend

*RES 4: $2.1712 - 2.000 projection of Oct 3 - Oct 28 rally from Nov 20 low

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

*RES 2: $2.1080 - 1.618 projection of Oct 3 - Oct 28 rally from Nov 20 low

*RES 1: $2.1056 - High Jan 3

*PRICE: $2.0866 @ 07:47 GMT Jan 6

*SUP 1: $2.0740 - Intraday low

*SUP 2: $2.0162 - Low Dec 31 and key near-term support

*SUP 3: $2.0118 - Low Dec 23

*SUP 4: $2.0017 - Low Dec 18

HO remains bullish following Friday's gains that saw price trade above above the

recent high of $2.0782, Dec 30 high. This confirms a resumption of the uptrend

in place since the early Oct lows. Price action in December also reinforced the

bullish theme. The mid Dec break of key resistance at $1.9668, the Nov 27 high

confirmed a range breakout. The focus is on $2.1080 and $2,1322, both Fibonacci

projection levels. Key support has been defined at $2.0162.