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

OIL TECHS: NYMEX HO (Q19): Bears still in the driving seat

*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: $1.9305/446 - High Jul 17 / Former trendline drawn off the Jun 18 low

*PRICE: $1.9091 @ 06:42 BST Jul 22

*SUP 1: $1.8526/03 - Low Jul 18 / 61.8% of the rally between Jun 5-Jul 11

*SUP 2: $1.8485 - High Jun 10

*SUP 3: $1.8239 - Low Jun 19

*SUP 4: $1.8106 - 76.4% of the rally between Jun 5-Jul 11

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 last week. With bearish conditions dominating, attention is now on

61.8% of the Jun 5-Jul 11 decline at $1.8503. Clearance of this level would open

$1.8106, the 76.4% retracement. Resistance is at $1.9305, the high of Jul 17.