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

OIL TECHS
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.

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