NYMEX HO (G20): Still On The Defensive....>

OIL TECHS: NYMEX HO (G20): Still On The Defensive

*RES 4: $2.0334 - 61.8% retracement of the Jan 8 - Jan 13 sell-off

*RES 3: $2.0162 - Low Dec 31

*RES 2: $1.9722 - High Jan 8

*RES 1: $1.9400 - High Jan 13

*PRICE: $1.9006 @ 07:20 GMT Jan 14

*SUP 1: $1.8941 - Low Jan 13

*SUP 2: $1.8798 - Low Dec 4

*SUP 3: $1.8668 - Low Dec 3

*SUP 4: $1.8404 - Low Nov 20

HO remains weak and extended the recent sell-off yesterday. Futures are seen

likely to stay soft following the sharp sell-off from $2.1195, Jan 8 high last

week. This also resulted in a break of support at $2.0162, Dec 31 low to

effectively suggest a top has been put in place. With the technical picture

looking bearish, attention is on $1.8686, a retracement level. Initial

resistance is at yesterday's $1.9400 high.