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NYMEX HO (K20): Downward Spiral *RES 4:...>

OIL TECHS
OIL TECHS: NYMEX HO (K20): Downward Spiral
*RES 4: $1.4952 - High Mar 6
*RES 3: $1.4380 - Low Feb 28
*RES 2: $1.3781 - Low Mar 6 and gap high on the daily chart
*RES 1: $1.2600 - Intraday high and gap low on the daily chart
*PRICE: $1.1593 @ 08:21 GMT Mar 9
*SUP 1: $1.0779 - Intraday low
*SUP 2: $1.0047 - 1.382 projection of the Jan 8 - Feb 4 move from Feb 19 high
*SUP 3: $1.0000 - Psychological round number
*SUP 4: $0.9444 - 1.500 projection of the Jan 8 - Feb 4 move from Feb 19 high
HO suffered a sharp sell-off overnight. The move lower has again confirmed a
resumption of this year's downtrend paving the way for more weakness. The focus
is on $1.0047, a Fibonacci projection and $1.0000. Note that today's price
action has caused a $1.2600 - $1.3781 gap on daily charts and it would not be a
surprise to see the market fill this gap. Whether that happens in the near-term
or at a later date remains to be seen. Heavy!

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