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OIL TECHS: NYMEX HO (J19) Back Below $2.0
*RES 4: $2.2211 - Low Oct 25
*RES 3: $2.2206 - High Nov 8
*RES 2: $2.0695 - 200-dma
*RES 1: $2.0479 - High Mar 1
*PRICE: $1.9977 @ 05:49 GMT Mar 8
*SUP 1: $1.9840/$1.9791 - 21-dma/Low Mar 1
*SUP 2: $1.9302 - High Feb 4
*SUP 3: $1.8311 - Low Jan 28
*SUP 4: $1.7659 - Low Nov 30 (continuation chart)
Heating oil futures have broken back below the $2.0 level but continue to trade
in a tight range just above the key 21-dma at $1.9840. Bears look to take out
this level and the March 1 low at at $1.9791 to open a downside reversal to the
Feb 4 high at $1.9302. To reignite the broader uptrend bulls look to take out
the March 1 high at $2.0479 to allow a run at the 200-dma.