NYMEX HO (K20): Path Of Least.............>

OIL TECHS: NYMEX HO (K20): Path Of Least Resistance Remains Down

*RES 4: $1.0777 - High Apr 9

*RES 3: $1.0281 - High Apr 13

*RES 2: $0.9795 - High Apr 17 and key near-term resistance

*RES 1: $0.9184 - Intraday high

*PRICE: $0.8338 @ 09:11 GMT Apr 21

*SUP 1: $0.8150 - Low Apr 2004 (cont)

*SUP 2: $0.8096 - 1.764 projection of Jan 8 - Feb 4 sell-off from Feb 20 high

*SUP 3: $0.8000 - Psychological round number

*SUP 4: $0.7750 - Low Nov 2003 (cont)

HO maintains a bearish outlook. 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 continue to trade lower, confirming a resumption

and continuation of this year's downtrend. The focus is on $0.8096 next, a

Fibonacci projection ahead of the psychological $0.8000 level. On the upside,

initial resistance is at $0.9184, today's intraday high.