NYMEX HO (M20): Short-Term Bulls Return...>

OIL TECHS: NYMEX HO (M20): Short-Term Bulls Return

*RES 4: $0.9496 - High Apr 21

*RES 3: $0.8946 - 20-day EMA

*RES 2: $0.8632 - High Apr 23 and key near-term resistance

*RES 1: $0.8345 - Intraday high

*PRICE: $0.8156 @ 07:14 GMT Apr 30

*SUP 1: $0.7800 - Intraday low

*SUP 2: $0.7033 - Low Apr 29

*SUP 3: $0.6724 - Low Apr 28 and key support

*SUP 4: $0.6000 - Round number support

HO has recovered off the low earlier this week and is establishing a S/T

corrective theme. The recovery off Tuesday's low of $0.6724 signals scope for a

test of the key near-term resistance at $0.8632, Apr 23 high and $0.8946, the

20-day EMA. A convincing break of the average is required to suggest scope for a

stronger bounce. On the downside, initial support is at today's intraday low of

$0.7800. Major support lies at $0.6724.