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

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

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

*RES 3: $1.9889 - High Jul 12

*RES 2: $1.9737/87 - High Jul 16 / Former trendline drawn off the Jun 18 low

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

*PRICE: $1.9004 @ 06:40 BST Jul 29

*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 maintains a bearish tone following the sharp sell-off between Jul 11-Jul 18.

This resulted in a break of trendline support at 1.9172 on Jul 16. The trendline

is drawn off the Jun 18 low. The break reversed the trend that had been in place

since the low of Jun 5. Former support at 1.8694, the low of Jul 5 has also been

cleared. Attention is on 61.8% of the sell-off between Jun 5-Jul 11, at 1.8503.

Clearance of this level would open 1.8106. Resistance is at 1.9471.