NYMEX HO (K20): Bear Still In Charge......>

OIL TECHS: NYMEX HO (K20): Bear Still In Charge

*RES 4: $1.1184 - High Mar 20

*RES 3: $1.1104 - High Apr 3

*RES 2: $1.0777 - High Apr 9

*RES 1: $1.0281 - High Apr 13

*PRICE: $0.9465 @ 07:45 GMT Apr 20

*SUP 1: $0.8976 - Low Apr 15 and bear trigger

*SUP 2: $0.8842 - 1.618 projection of Jan 8 - Feb 4 sell-off from Feb 20 high

*SUP 3: $0.8096 - 1.764 projection of Jan 8 - Feb 4 sell-off from Feb 20 high

*SUP 4: $0.8000 Round number support

HO maintains a bearish outlook despite a minor recovery late last week. The

recent spike higher to $1.1384 on Apr 2 failed to deliver any follow through and

this continues to weigh on the contract. Furthermore, futures traded through the

key support and bear trigger at $0.9303, Apr 1 low last week, confirming a

resumption of this year's downtrend opening $0.8842, a Fibonacci projection.

Initial firm resistance is seen at $1.0281.