NYMEX HO (G20): Likely To Stay On The.....>

OIL TECHS: NYMEX HO (G20): Likely To Stay On The Defensive

*RES 4: $2.0457 - 61.8% retracement of the Jan 8 - Jan 10 sell-off

*RES 3: $2.0229 - 50.0% retracement of the Jan 8 - Jan 10 sell-off

*RES 2: $2.0162 - Low Dec 31

*RES 1: $1.9722 - High Jan 8

*PRICE: $1.9371 @ 08:19 GMT Jan 13

*SUP 1: $1.9282 - Low Dec 9

*SUP 2: $1.9165 - 61.8% retracement of the Oct 3 - Jan 8 rally

*SUP 3: $1.9000 - Round number support

*SUP 4: $1.8798 - Low Dec 4

HO is likely to remain softer following last week's volatile session and the

sharp sell-off from Wednesday's $2.1195 high. Price also traded below support at

$2.0162, Dec 31 low and this effectively suggests a top has been put in place

for now with the technical outlook signalling scope for a deeper pullback

near-term. A break of Friday's low at $1.9262 would open $1.9165, a retracement

level and below. Initial resistance is at $1.9722.