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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: $1.6273 - High Feb 3
*PRICE: $1.6025 @ 06:58 GMT Feb 5
*SUP 1: $1.5684 - Low Feb 4
*SUP 2: $1.5629 - 161.8% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $1.5128 - 176.4% retracement projection of the Oct 3 - Jan 8 rally
*SUP 4: $1.5000 - Round number support
HO is unchanged and 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. Recent sharp losses are also still seen weighing on sentiment and
we've yet to see a meaningful correction unfold as bearish conditions dominate.
Attention is on $1.5629 and $1.5128 next, both Fibonacci retracement extensions.
Firm resistance is at $1.7355.

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