NYMEX HO: (H18) $1.9724 Support Now Key...>

OIL TECHS: NYMEX HO: (H18) $1.9724 Support Now Key

*RES 4: $2.0652 - Hourly resistance Feb 2

*RES 3: $2.0647 - 21-DMA

*RES 2: $2.0442 - Hourly support Feb 2 now resistance

*RES 1: $2.0145 - High Feb 6

*PRICE: $1.9941 @ 0430GMT

*SUP 1: $1.9724 - High Dec 12 now support

*SUP 2: $1.9125 - 100-DMA

*SUP 3: $1.8556 - Monthly Low Dec 7

*SUP 4: $1.8320 - Monthly Low Nov 2

*COMMENTARY: Bulls recently failed to capitalise on fresh 2018 & 3+ year highs

with the correction lower gathering steam and immediate pressure on $1.9724 as

the contract flirts with the 55-DMA ($1.9952). Bears now need a close below

$1.9724 to confirm a break of the 55-DMA, shifting initial focus to the 100-DMA

and overall focus to Dec lows. Bulls now need a close above $2.0145 to gain

breathing room and above the 21-DMA to target 2018 highs.