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NYMEX HO (H20): Cracks Key Support *RES...>

OIL TECHS
OIL TECHS: NYMEX HO (H20): Cracks Key Support
*RES 4: $1.7355 - High Jan 29 and key near-term resistance
*RES 3: $1.7183 - High Feb 20 and bull trigger
*RES 2: $1.6726 - High Feb 24
*RES 1: $1.6311 - High Feb 25
*PRICE: $1.5626 @ 07:25 GMT Feb 26
*SUP 1: $1.5128 - 176.4% retracement projection of the Oct 3 - Jan 8 rally
*SUP 2: $1.5000 - Round number support
*SUP 3: $1.4319 - 200.0% retracement projection of the Oct 3 - Jan 8 rally
*SUP 4: $1.4000 - Round number support
HO stalled last week at $1.7183 on Feb 20 and has traded sharply lower this week
resulting in a break of former support at $1.5684, Feb 4 low. This confirms a
resumption of this year's downtrend and maintains the bearish price sequence of
lower lows and lower highs. Scope is seen for a move towards $1.5128 next, a
Fibonacci retracement projection and $1.5000. On the upside, a move above
yesterday's high of $1.6311 is required to provide some bearish relief.

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