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NYMEX HO (G20): Impulsive Sell-Off........>

OIL TECHS
OIL TECHS: NYMEX HO (G20): Impulsive Sell-Off Dominates
*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: $1.8603 @ 07:22 GMT Jan 17
*SUP 1: $1.8567 - Low Jan 16
*SUP 2: $1.8404 - Low Nov 20 and key support
*SUP 3: $1.8286 - Low Oct 8
*SUP 4: $1.7911 - Low Oct 3
HO remains weak and extended the recent sell-off once again yesterday. Futures
are still 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. An impulsive sell-off
has been the result. With the technical picture looking bearish, attention is on
$1.8404 next, the Nov 20 low. Initial resistance is at Tuesday's $1.9224 high.

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