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

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

*RES 4: $0.9795 - High Apr 17 and key near-term resistance

*RES 3: $0.9184 - High Apr 21

*RES 2: $0.8855 - Low Apr 20

*RES 1: $0.7936 - High Apr 22

*PRICE: $0.7607@ 09:08 GMT Apr 23

*SUP 1: $0.7311 - Intraday low

*SUP 2: $0.6725 - Low Apr 22 and bear trigger

*SUP 3: $0.6000 - Psychological round number

*SUP 4: $0.5684 - 2.236 projection of Jan 8 - Feb 4 sell-off from Feb 20 high

HO remains bearish and further weakness is likely. Resistance has been defined

at $0.7936, Apr 22 high. Futures traded close to this level earlier today but

have since pulled back. While this resistance remains intact, a bearish tone

dominates following Tuesday's sharp losses. A break of today's intraday low of

$0.7311 would trigger a fresh round of weakness and open this week's low of

$0.6725. On the upside, clearance of $0.7936 would instead open $0.8855.