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

OIL TECHS: NYMEX HO (M20): Short-Term Bulls Still In Charge

*RES 4: $0.9507 - Low Apr 1

*RES 3: $0.9496 - High Apr 21

*RES 2: $0.8799 - 20-day EMA and a key resistance area

*RES 1: $0.8677 - High Apr 30

*PRICE: $0.7886 @ 07:12 GMT May 4

*SUP 1: $0.7779 - 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 was firmer last week and has established a S/T corrective theme. The recovery

off last Tuesday's low of $0.6724 resulted in a probe of the key near-term

resistance at $0.8632, Apr 23 high, paving the way for a move towards $0.8799,

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 $0.7779. Major

support lies at $0.6724.