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

OIL TECHS
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.

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