NYMEX HO (G20): Steep Decline Extends.....>

OIL TECHS: NYMEX HO (G20): Steep Decline Extends

*RES 4: $1.9224 - High Jan 14

*RES 3: $1.8859 - High Jan 21 and key near-term resistance

*RES 2: $1.8306 - High Jan 22

*RES 1: $1.7969 - High Jan 24

*PRICE: $1.6994 @ 07:38 GMT Jan 27

*SUP 1: $1.6719 - 123.6% retracement of the Aug - Jan rally

*SUP 2: $1.6191 - 138.2% retracement of the Aug - Jan rally

*SUP 3: $1.6000 - Round number support

*SUP 4: $1.5764 - 150.0% retracement of the Aug - Jan rally

HO traded sharply lower again overnight to maintain the impulsive bearish tone

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

between August - December and also breached 1.7000. Momentum studies, despite

being oversold continue to point south reinforcing current conditions. Attention

is on $1.6719 and $16191 next, both Fibonacci retracement extension levels.

Initial resistance is at $1.7276, today's intraday high thus far.