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NYMEX HO (H20): Holding Onto Gains *RES...>

OIL TECHS
OIL TECHS: NYMEX HO (H20): Holding Onto Gains
*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: $1.6694 @ 07:08 GMT Feb 6
*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 remains firmer as it extends this week's rebound off Tuesday's low and
corrects higher. Whether this move higher develops into a stronger reversal
remains to be seen. Attention is the next resistance at $1.6990, the Jan 30 high
where a break would signal scope for an extension towards resistance at $1.7355,
Jan 29 high. On the downside, key support has been defined at this week's
$1.5684 low. A break would resume the recent sell-off.

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