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: $1.9471/196.51 - High Jul 17 / Former trendline drawn off the Jun 18 low

*PRICE: $1.9118 @ 05:58 BST Jul 25

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

cleared. Yesterday's rejection of the high suggest the recent correction is

over. With bearish conditions in place, attention turns to 61.8% of the Jun

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