NYMEX HO (U19): Looking for direction.....>

OIL TECHS: NYMEX HO (U19): Looking for direction

*RES 4: $1.9418 - Trendline drawn off the May 16 high

*RES 3: $1.9129 - High Aug 2

*RES 2: $1.8947 - 50-day EMA

*RES 1: $1.8839 - High Aug 13

*PRICE: $1.8284 @ 06:53 BST Aug 16

*SUP 1: $1.8032 - Low Aug 15

*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 is attempting to establish a short-term direction and has this week defined

an important resistance at $1.8839, the Aug 13 high. While gains since the low

on Aug 7 have neutralised the recent bearish tone, a break above this $1.8839

resistance is required to signal scope for an extension higher. This would open

$1.8947 initially, the 50-day EMA. On the downside, a move below yesterday's

$1.8032 low would instead expose the Aug 7 low of $1.7450 once again.