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NYMEX HO (G20): Impulsive Downtrend.......>

OIL TECHS
OIL TECHS: NYMEX HO (G20): Impulsive Downtrend Still In Place
*RES 4: $2.0162 - Low Dec 31
*RES 3: $1.9722 - High Jan 8
*RES 2: $1.9224 - High Jan 14
*RES 1: $1.8891 - High Jan 16
*PRICE: $1.8646 @ 06:52 GMT Jan 21
*SUP 1: $1.8416 - Low Jan 17
*SUP 2: $1.8404 - Low Nov 20 and key support
*SUP 3: $1.8286 - Low Oct 8
*SUP 4: $1.7911 - Low Oct 3
Despite bouncing off Friday's low, the HO outlook remains bearish and futures
are softer today. A bearish theme follows the sharp sell-off from $2.1195, Jan 8
high that also resulted in a break of support at $2.0162, Dec 31 low to
effectively suggest a clear reversal. An impulsive sell-off has been the result,
further reinforcing current conditions. With the technical picture still heavy,
attention is on $1.8404 next, the Nov 20 low. Resistance is at $1.9224.

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