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

OIL TECHS: NYMEX HO (J20): Path Of Least Resistance Still 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: $1.0657 @ 07:19 GMT Mar 20

*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 despite the recovery off this week's low. The sharp

sell-off Mar 9 and the resumption of the downtrend on Mar 16 still weighs on

sentiment. Technical readings also continue to highlight a clear bearish picture

suggesting 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.