NYMEX HO (Q19): Bears remain in charge....>

OIL TECHS: NYMEX HO (Q19): Bears remain in charge

*RES 4: $2.0250 - High May 28

*RES 3: $1.9896/97 - 61.8% retracement of May 16-Jun 5 decline / Intraday high

*RES 2: $1.9610 - High Jul 2

*RES 1: $1.9201 - High Jul 8

*PRICE: $1.8905 @ 06:38 BST Jul 9

*SUP 1: $1.8681/94 - 50.0% retracement of the Jun 5-Jul 1 rally / Low Jul 5

*SUP 2: $1.8485 - Jun 10 low and key support

*SUP 3: $1.8394 - 61.8% retracement of the Jun 5-Jul 1 rally

*SUP 4: $1.8039 - 76.4% retracement of the Jun 5-Jul 1 rally

HO is likely to remain under pressure near-term following the rejection on Jul 1

off the $1.9896 61.8% Fibonacci retracement of the rally between Jun 5-Jul 1 and

subsequent sell-off. Attention is on the key support at $1.8485, the Jun 10

high. If this level fails to contain the sell-off, scope for a deeper pullback

would exist towards $1.8394, the 61.8% retracement of the Jun 5-Jul 1 climb. The

76.4% level is at $1.8039. On the upside, $1.9201 and $1.9610 marks resistance.