NYMEX HO (Q19): Bears still dominant......>

OIL TECHS: NYMEX HO (Q19): Bears still dominant

*RES 4: $2.0181 - High Jul 11 and bull trigger

*RES 3: $1.9889 - High Jul 12

*RES 2: $1.9719/37 - Former trendline drawn off the Jun 18 low / High Jul 16

*RES 1: $1.9471/196.51 - High Jul 17

*PRICE: $1.9146 @ 06:29 BST Jul 26

*SUP 1: $1.8857 - Low Jul 23

*SUP 2: $1.8526/03 - Low Jul 18 / 61.8% of the rally between Jun 5-Jul 11

*SUP 3: $1.8485 - High Jun 10

*SUP 4: $1.8239 - Low Jun 19

HO sold off sharply last week breaking trendline support at $1.9172, drawn off

the Jun 18 low. This reversed the trend that had been in place since the low of

Jun 5. Former support at 1.8694, the low of Jul 5 was also cleared. This is

expected to weigh on HO near-term and Wednesday's rejection of the high suggests

the recent correction is over. Attention is on 61.8% of the sell-off between Jun

5-Jul 11, at $1.8503. A break would open $1.8106. Resistance is at $1.9305.