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

OIL TECHS: NYMEX HO (H20): Key Support Intact

*RES 4: $1.8010 - High Jan 24

*RES 3: $1.7782 - 38.2% retracement of the Jan 8 - Feb 4 decline

*RES 2: $1.7355 - High Jan 29 and key near-term resistance

*RES 1: $1.7183 - High Feb 20 and bull trigger

*PRICE: $1.6298 @ 07:37 GMT Feb 25

*SUP 1: $1.5831 - Low Feb 24

*SUP 2: $1.5684 - Low Feb 4 and key 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 stalled last week at $1.7183 on Feb 20 and was weaker again yesterday. The

failure at $1.7183 also marks a failure at the 23.6% retracement of the Jan 8 -

Feb 4 decline at $1.6980. For now, the move lower is viewed as a correction. The

next support lies at yesterday's 1.5831 low ahead of the key $1.5684 low from

Feb 4. An ability to hold above this zone would resume attention of gains and

the bull trigger at $1.7183. A break of $1.5684 resumes the downtrend.