NYMEX HO: (U18) Resuming Downtrend *RES...>

OIL TECHS: NYMEX HO: (U18) Resuming Downtrend

*RES 4: $2.2387 - High July 10

*RES 3: $2.1953 - Daily bear channel top

*RES 2: $2.1834 - High July 27

*RES 1: $2.1786 - High Aug 14

*PRICE: $2.1284 @ 03:14 GMT

*SUP 1: $2.0760 - Low Aug 15

*SUP 2: $2.0490 - Low July 18

*SUP 3: $2.0353 - 200-DMA

*SUP 4: $2.0220 - Daily bear channel bottom

After taking out the Aug 17 high, heating oil briefly traded above $2.1400.

Failure to extend gains keeps focus to the downside with bears needing a break

below the Aug 15 low to generate further downside momentum. The July 18 low and

bear channel support, as well as the 200-dma, would all come into focus on a

break below $2.0760. Bulls need a break above the August 14 high of $2.1786 to

shift the focus higher and challenge the bear channel top.