NYMEX HO (U19): Correction appears to.....>

OIL TECHS: NYMEX HO (U19): Correction appears to be over

*RES 4: $1.9292 - Trendline resistance drawn off the May 16 high

*RES 3: $1.9129 - High Aug 2

*RES 2: $1.8839/8889 - High Aug 13 / 50-day EMA

*RES 1: $1.8800 - High Aug 21

*PRICE: $1.8481 @ 06:39 BST Aug 22

*SUP 1: $1.7914 - Low Aug 13

*SUP 2: $1.7719 - Low Aug 9

*SUP 3: $1.7450 - Low Aug 7 and bear trigger

*SUP 4: $1.7402 - Low Jun 5 (continuation)

HO near-term directional conditions have changed somewhat. A bearish candle

formation yesterday in the shape of a shooting star (inverted hammer) signals an

end to the recent corrective recovery. This has developed with resistance at

$1.8839, the Aug 13 high intact. If correct, bearish activity is likely to

resurface and the focus turns to support at $1.7914, the low of Aug 13. On the

upside, a move above $1.8839 is required to reinstate a bullish theme.