NYMEX HO (H20): Possible Base? *RES 4:....>

OIL TECHS: NYMEX HO (H20): Possible Base?

*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: $1.64 10 @ 07:16 GMT Feb 10

*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 Tuesday's low as a possible correction begins to

unfold. Whether this move higher develops into a stronger reversal remains to be

seen. Attention is on the next resistance at $1.6783, the Feb 6 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 last week's $1.5684 low.

A break would resume the recent sell-off.