NYMEX HO (H20): Still South-Bound *RES....>

OIL TECHS: NYMEX HO (H20): Still South-Bound

*RES 4: $1.7183 - High Feb 20 and bull trigger

*RES 3: $1.6726 - High Feb 24

*RES 2: $1.6311 - High Feb 25

*RES 1: $1.5684 - Low Feb 4 and former breakout level

*PRICE: $1.4794 @ 07:41 GMT Feb 27

*SUP 1: $1.4319 - 200.0% retracement projection of the Oct 3 - Jan 8 rally

*SUP 2: $1.4000 - Round number support

*SUP 3: $1.3510 - 223.6% retracement projection of the Oct 3 - Jan 8 rally

*SUP 4: $1.3009 - 238.2% retracement projection of the Oct 3 - Jan 8 rally

HO stalled last week at $1.7183 on Feb 20 and has traded sharply lower this week

resulting in a break of former support at $1.5684, Feb 4 low. This confirms a

resumption of this year's downtrend and maintains the bearish price sequence of

lower lows and lower highs. Scope is seen for a move towards $1.4319 next, a

Fibonacci retracement projection. On the upside, initial resistance is at

$1.5684.