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

OIL TECHS
OIL TECHS: NYMEX HO (G20): Steep Decline Still Likely To Weigh
*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: $1.7277 @ 07:27 GMT Jan 29
*SUP 1: $1.6556 - Low Jan 27
*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 fis off recent lows. The move higher reflects an easing of the risk averse
mood that has dominated market sentiment recently. From a technical standpoint,
gains are being viewed as a correction. Recent sharp losses are seen weighing on
sentiment with bearish technical conditions still in place. Attention is on
$1.6191 next, a Fibonacci retracement extension level. The next firm resistance
is seen at $1.7969, the Jan 24 high.

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