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NYMEX HO (H20): Bears Still In Charge.....>

OIL TECHS
OIL TECHS: NYMEX HO (H20): Bears Still In Charge
*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: $1.6990 - High Jan 30
*PRICE: $1.6158 @ 07:24 GMT Feb 3
*SUP 1: $1.6028 - Intraday low
*SUP 2: $1.6000 - Round number 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 remains bearish. Last week's sell-off resulted in a break of the former
support at $1.6598, Jan 27 low. This confirmed a resumption of the downtrend
with more weakness likely near-term. Recent sharp losses are still seen weighing
on sentiment and we've yet to see a meaningful correction unfold as bearish
conditions dominate. Attention is on $1.6000 next ahead of $1.5629, a Fibonacci
retracement extension. Firm resistance is at $1.7355.

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