NYMEX HO (G20): Set To Remain On The......>

OIL TECHS: NYMEX HO (G20): Set To Remain On The Defensive

*RES 4: $2.0464 - 61.8% retracement of the Jan 8 - Jan 9 sell-off

*RES 3: $2.0239 - 50.0% retracement of the Jan 8 - Jan 9 sell-off

*RES 2: $2.0162 - Low Dec 31

*RES 1: $1.9722 - High Jan 8

*PRICE: $1.9504 @ 07:21 GMT Jan 10

*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 has been extremely volatile this week with futures trading sharply lower off

Wednesday's high of $2.1195. Significantly, 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 yesterday's low at $1.9282 would open $1.9165, a

retracement level and below. Initial resistance is at $1.9722.