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NYMEX HO (H20): Key Resistance Is At......>

OIL TECHS

OIL TECHS: NYMEX HO (H20): Key Resistance Is At $1.6783

*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: $1.6783 - High Feb 6

*PRICE: $1.6572 @ 06:58 GMT Feb 12

*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 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. 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 last week's $1.5684 low. A break would

instead resume the recent sell-off.

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