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

OIL TECHS: NYMEX HO (N20): Trendline Support Under Pressure

*RES 4: $132.08 - High Mar 11

*RES 3: $1.2766 - High Mar12

*RES 2: $1.2424/2505 - High Jun 23 / 38.2% of the Jan - Apr Sell-off

*RES 1: $1.2090 - High Jun 24

*PRICE: $1.1620 @ 07:16 GMT Jun 26

*SUP 1: $1.1180 - Low Jun 26

*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 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 and 10 high. The outlook is bearish and attention turns to the

key trendline support drawn off Apr 28 low. The line intersects at $1.1440 today

and was probed yesterday. A clear break would highlight a reversal. On the

upside, clearance of $1.2425 is required to ease the developing bearish threat.