NYMEX HO (N20): Trendline Support.........>

OIL TECHS: NYMEX HO (N20): Trendline Support Cleared

*RES 4: $1.2766 - High Mar 12

*RES 3: $1.2424/2505 - High Jun 23 / 38.2% of the Jan - Apr Sell-off

*RES 2: $1.2090 - High Jun 24

*RES 1: $1.1685 - High Jun 26

*PRICE: $1.1151 @ 07:16 GMT Jun 29

*SUP 1: $1.1014 - 50-day EMA

*SUP 2: $1.0534 - Low Jun 12 and key support

*SUP 3: $1.0084 - Low Jun 1

*SUP 4: $0.9562 - Low May 29 and key support

HO futures stalled at last Tuesday's high of $1.2425. The sharp pullback marks a

failure to extend gains following the recent break of former key resistance at

$1.1824, Jun 8 / 10 high. Furthermore, futures have also breached the key

trendline support drawn off Apr 28 low. This reinforces the bearish threat and

highlights a reversal. Attention turns to the key support at $1.0534, Jun 12

low. Price needs to trade above $1.2425 to ease the developing bearish threat.