NYMEX HO (K20): Still Vulnerable *RES.....>

OIL TECHS: NYMEX HO (K20): Still Vulnerable

*RES 4: $1.6641 - High Feb 24

*RES 3: $1.6231 - High Feb 25

*RES 2: $1.5766 - High Mar 3

*RES 1: $1.5694 - High Mar 3 and key near-term resistance

*PRICE: $1.4731 @ 07:34 GMT Mar 6

*SUP 1: $1.4380 - Low Feb 28

*SUP 2: $1.3990 - 200.0% retracement projection of the Oct 3 - Jan 8 rally

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

*SUP 4: $1.3000 - Round number support

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 and futures are off Tuesday's high. Scope is seen for

a move towards $1.3990 next. Key S/T resistance is at $1.5694.