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

OIL TECHS
OIL TECHS: NYMEX HO (K20): Bearish Threat Dominates Again
*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: $0.9222 @ 07:47 GMT Apr 16
*SUP 1: $0.8976 - Low Apr 15
*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 is softer. A bearish threat once again dominates. The recent spike higher to
$1.1384 on Apr 2 failed to deliver any follow through and this is weighing on
the contract. Furthermore, the price yesterday traded through the key support
and bear trigger at $0.9303, Apr 1 low confirming a resumption of this year's
downtrend opening $0.8842, a Fibonacci projection. Initial firm resistance is
seen at $1.0281.

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