NYMEX HO (H20): Off Recent Highs *RES.....>

OIL TECHS: NYMEX HO (H20): Off Recent Highs

*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: $1.6402 @ 08:56 GMT Feb 24

*SUP 1: $1.6100 - Low Feb 10

*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 has edged lower again so far

today. 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 being viewed as

a correction. The next support lies at $1.6100, Feb 10 low. An ability to hold

above this level would resume attention of gains and the bull trigger at

$1.7183. A break lower though would expose key support at $1.5684.