NYMEX HO (H20): Base Building? *RES 4:....>

OIL TECHS: NYMEX HO (H20): Base Building?

*RES 4: $1.8367 - High Jan 22

*RES 3: $1.8010 - High Jan 24

*RES 2: $1.7355 - High Jan 29 and key near-term resistance

*RES 1: $1.6957 - High Feb 13

*PRICE: $1.6765 @ 07:09 GMT Feb 14

*SUP 1: $1.6100 - Low Feb 10

*SUP 2: $1.5684 - Low Feb 4 and key support

*SUP 3: $1.5629 - 161.8% retracement projection of the Oct 3 - Jan 8 rally

*SUP 4: $1.5128 - 176.4% retracement projection of the Oct 3 - Jan 8 rally

HO bounced last week off the Feb 4 low of $1.5684 as a possible correction

begins to unfold. Whether this move higher develops into a stronger reversal

will depend on the next resistance at $1.6783, the Feb 6 high that has this week

been probed. A clear break would signal scope for an extension towards $1.7355,

Jan 29 high. On the downside, key support has been defined at last week's

$1.5684 low. A break would instead resume the recent sell-off.