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

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

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

*RES 3: $1.9889 - High Jul 12

*RES 2: $1.9737 - High Jul 16

*RES 1: $1.9305/9582 - High Jul 17 / Former trendline drawn off the Jun 18 low

*PRICE: $1.9219 @ 06:34 BST Jul 24

*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 resulting in a break of trendline support at

1.9172, drawn off the Jun 18 low. This reversed the trend that had been in place

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

last week. Despite the bounce off recent lows, bearish conditions still dominate

and attention is on 61.8% of the Jun 5-Jul 11 decline at 1.8503. Clearance of

this level opens 1.8106, the 76.4% retracement. 1.9305 is resistance.