NYMEX HO (M19) Bears Remain In Control....>

OIL TECHS: NYMEX HO (M19) Bears Remain In Control

*RES 4: $2.1870 - Channel top 

*RES 3: $2.1377 - High May 16 

*RES 2: $2.0850 - High May 21 

*RES 1: $2.0357/2.0389 - 200-dma/55-dma 

*PRICE: $1.9798 @ 02:55 GMT May 27 

*SUP 1: $1.9430 - Low May 24 

*SUP 2: $1.9417/1.9399/1.9381 - Low Mar 28/Low Mar 8/38.2% retracement 

*SUP 3: $1.8765 - 50% retracement of Dec-May gains 

*SUP 4: $1.8236 - Low Jan 28 

Heating oil futures remain on the back foot with recovery efforts falling short

of the $2.00. Bears now look for a break below Friday's low at $1.9430 to bring

the $1.9417/1.9399/1.9381 area into focus marking the Mar 28 low/Mar 8 low/38.2%

retracement of the Dec-May rally. Below here would open the 50% retracement at

$1.8765. Bulls need to recover the 200-dma/55-dma at $2.0357/2.0389 to suggest a

resumption of the uptrend which would return the focus to the May highs.