NYMEX HO (G20): Gains Seen Likely.........>

OIL TECHS: NYMEX HO (G20): Gains Seen Likely Near-Term

*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: $2.0189 @ 07:28 GMT Jan 7

*SUP 1: $2.0065 - Intraday low

*SUP 2: $1.9725 - High Dec 6

*SUP 3: $1.9157 - Low Nov 12

*SUP 4: $1.8658 - Low Dec 3

HO is off recent highs failing yesterday to trade above the Jan 3 high of

$2.1056. Despite the pullback, a bullish outlook remains intact. This 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 $2.1080 and $2,1322, both Fibonacci

projection levels. Initial support is at $2.0065, today's intraday low thus far.