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

OIL TECHS: NYMEX HO (G20): Impulsive Downtrend Extends

*RES 4: $2.0162 - Low Dec 31

*RES 3: $1.9722 - High Jan 8

*RES 2: $1.9224 - High Jan 14

*RES 1: $1.8859 - High Jan 21

*PRICE: $1.8234 @ 06:42 GMT Jan 22

*SUP 1: $1.8000 - Round number support

*SUP 2: $1.7911 - Low Oct 3

*SUP 3: $1.7769 - Low Sep 3

*SUP 4: $1.7574 - Low Aug 7

HO traded sharply lower yesterday to maintain the impulsive bearish tone that

has dominated since Jan 8. Futures have cleared all the key support levels from

November and December and the focus turns to the Oct 3 low of $1.7911. A break

of this support would pave the way for a move towards $1.7769, Sep 3 low and

$1.7574, the Aug 7 low. On the upside, resistance has been defined at $1.8859,

yesterday's high.