NYMEX HO (J19) Resuming Uptrend *RES 3:...>

OIL TECHS: NYMEX HO (J19) Resuming Uptrend

*RES 3: $2.0726 - 200-dma

*RES 2: $2.0479 - High Mar 1

*RES 1: $2.0141 - High Mar 20

*PRICE: $1.9874 @ 07:25 GMT Mar 22

*SUP 1: $1.9740 - Pivotal Support

*SUP 1: $1.9496/85 - 50-dma/Low March 15

*SUP 2: $1.9455/9398 - Low Mar 8/100-dma

*SUP 3: $1.9302 - High Feb 4

Heating oil futures are attempting to push higher through the upper boundary of

the descending channel developed since the beginning of the month. The 50-dma is

about to cross above the 100-dma giving further momentum to a bullish breakout,

suggesting a resumption of the uptrend since the beginning of the year. A move

above the $2.0479 early March high puts the focus back on the 200-dma at

$2.0726. Near term pivotal support is place at $1.9740, with a break below

needed to extend the downtrend toward the 50 & 100-dma's at $1.9496/1.9398.