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

OIL TECHS
OIL TECHS: NYMEX HO (J20): Path Of Least Resistance Remains Down
*RES 4: $1.3783 - Low Mar 6 and gap high on the daily chart
*RES 3: $1.3023 - High Mar 11
*RES 2: $1.2081 - High Mar 13
*RES 1: $1.0840 - High Mar 17
*PRICE: $0.9782 @ 07:55 GMT Mar 19
*SUP 1: $0.9343 - Low Mar 18
*SUP 2: $0.9162 - 1.50 projection of the Jan 8 - Feb 4 move from Feb 20 high
*SUP 3: $0.9000 - Round number support
*SUP 4: $0.8534 - 1.618 projection of the Jan 8 - Feb 4 move from Feb 20 high
HO remains vulnerable as oil prices crash. The sharp sell-off Mar 9 and the
resumption of the downtrend on Mar 16 still weighs. Technical readings continue
to highlight a clear bearish picture and further weakness is likely. The next
objective is $$0.9162, a Fibonacci projection. On the upside, initial resistance
is at $1.0840. Major resistance however is at $1.3023, the Mar 11 high.

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