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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: $1.0666 @ 07:27 GMT Mar 16
*SUP 1: $1.0566 - 1.236 projection of the Jan 8 - Feb 4 move from Feb 20 high
*SUP 2: $1.0000 - Psychological round number
*SUP 3: $0.9789 - 1.382 projection of the Jan 8 - Feb 4 move from Feb 20 high
*SUP 4: $0.9162 - 1.500 projection of the Jan 8 - Feb 4 move from Feb 20 high
HO is vulnerable trading to a fresh low overnight. The move lower last Monday
confirmed a resumption of this year's downtrend paving the way for more
downside. The focus is on $1.0566, a Fibonacci projection and $1.0000. Last
Monday's price action created a $1.2297 - $1.3783 gap on daily charts that was
partially filled Wednesday. It would not be a surprise to see the market fill
this gap. Whether it happens near-term or later remains to be seen.

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