NYMEX HO (U19): Gains are corrective......>

OIL TECHS: NYMEX HO (U19): Gains are corrective

*RES 4: $1.9471 - High Jul 24 (continuation)

*RES 3: $1.9129 - High Aug 2

*RES 2: $1.8526/57 - Low Jul 18 (continuation) / High Aug 6

*RES 1: $1.8303 - High Aug 7

*PRICE: $1.8027 @ 07:08 BST Aug 13

*SUP 1: $1.7719 - Low Aug 9

*SUP 2: $1.7450 - Low Aug 7 and bear trigger

*SUP 3: $1.7402 - Low Jun 5 (continuation)

*SUP 4: $1.6801 - Low Jan 3 (continuation)

HO remains bearish despite thus far failing to break convincingly its June lows

last Wednesday. The recovery over the past few sessions is being viewed as a

correction. Key support lies at $1.7450, last Wednesday's low where a break

would confirm a resumption of the downtrend and open $1.7402. On the upside

resistance has been defined at $1.8526/57. A break above this zone is required

to suggest scope for a stronger bounce. Initial resistance is at $1.8303.