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

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

*RES 4: $1.4993 - High Mar 6

*RES 3: $1.3783 - Low Mar 6 and gap high on the daily chart

*RES 2: $1.3023 - High Mar 11

*RES 1: $1.2081 - High Mar 13

*PRICE: $1.0743 @ 07:19 GMT Mar 17

*SUP 1: $1.0248 - Low Mar 16

*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 remains vulnerable and traded to a fresh low yesterday. The move lower Mar 9

confirmed a resumption of this year's downtrend paving the way for more

weakness. The focus is on $1.0000 next. Recent price action created a $1.2297 -

$1.3783 gap on daily charts that was partially filled last 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. Initial resistance is at $1.2081.