NYMEX HO (Q19): Correction likely to......>

OIL TECHS: NYMEX HO (Q19): Correction likely to dominate

*RES 4: $2.0250 - High May 28

*RES 3: $1.9896/97 - 61.8% of the May 16-Jun 5 decline / High Jul

*RES 2: $1.9610 - High Jul 2

*RES 1: $1.9290 - High Jul 9

*PRICE: $1.9210 @ 06:41 BST Jul 10

*SUP 1: $1.8681/94 - 50.0% retracement of the Jun 5-Jul 1 rally / Low Jul 5

*SUP 2: $1.8485 - Jun 10 low and key support

*SUP 3: $1.8394 - 61.8% retracement of the Jun 5-Jul 1 rally

*SUP 4: $1.8039 - 76.4% retracement of the Jun 5-Jul 1 rally

HO is likely to remain under pressure near-term despite trading slightly higher.

This outlook follows the rejection on Jul 1 off the $1.9896 61.8% Fibonacci

level of the rally between Jun 5-Jul 1 and subsequent sell-off. Attention is on

the key support at $1.8485, the Jun 10 high. If this level fails to contain a

sell-off, scope for a deeper pullback would exist towards $1.8394, 61.8% of the

Jun 5-Jul 1 climb. On the upside, resistance is at $1.9290 and $1.9610.