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

OIL TECHS
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.

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