NYMEX HO (J20): Path Of Least.............>

OIL TECHS: NYMEX HO (J20): Path Of Least Resistance Still Down

*RES 4: $1.5555 - High Mar 5

*RES 3: $1.4993 - High Mar 6

*RES 2: $1.3783 - Low Mar 6 and gap high on the daily chart

*RES 1: $1.3023 - High Mar 11

*PRICE: $1.1727 @ 07:28 GMT Mar 12

*SUP 1: $1.1519 - Low Mar 10

*SUP 2: $1.0799 - Low Mar 9 and bear trigger

*SUP 3: $1.0566 - 1.236 projection of the Jan 8 - Feb 4 move from Feb 20 high

*SUP 4: $1.0000 - Psychological round number

HO remains vulnerable despite this week's gains. The move lower Monday confirmed

a resumption of this year's downtrend paving the way for more weakness. The

focus is on $1.0566, a Fibonacci projection and $1.0000. Note, Monday's price

action created a $1.2297 - $1.3783 gap on daily charts and was partially filled

yesterday. It would not be a surprise to see the market fill this gap. Whether

it happens in the near-term or later remains to be seen.