NYMEX HO (K20): Bearish Despite...........>

OIL TECHS: NYMEX HO (K20): Bearish Despite Correction

*RES 4: $1.7108 - High Feb 20 and key resistance

*RES 3: $1.6641 - High Feb 24

*RES 2: $1.6231 - High Feb 25

*RES 1: $1.5793 - Low Feb 4 and former breakout level

*PRICE: $1.5351 @ 07:21 GMT Mar 4

*SUP 1: $1.4380 - Low Feb 28

*SUP 2: $1.4395 - Low Feb 27

*SUP 3: $1.3990 - 200.0% retracement projection of the Oct 3 - Jan 8 rally

*SUP 4: $1.3174 - 223.6% retracement projection of the Oct 3 - Jan 8 rally

HO stalled recently at $1.7108 on Feb 20 and subsequently traded sharply lower

resulting in a break of former support at $1.5793, Feb 4 low last week. This

confirmed a resumption of this year's downtrend and maintains the bearish price

sequence of lower lows and lower highs. Despite this week's corrective bounce,

further weakness is likely. Scope is seen for a move towards $1.3990 next, a

Fibonacci retracement projection. Initial resistance is at $1.5793.