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NYMEX HO (U19): Volatile *RES 4:..........>

OIL TECHS
OIL TECHS: NYMEX HO (U19): Volatile
*RES 4: $1.9450 - Trendline drawn off the May 16 high
*RES 3: $1.9129 - High Aug 2
*RES 2: $1.8984 - 50-day EMA
*RES 1: $1.8839 - High Aug 13
*PRICE: $1.8376 @ 07:52 BST Aug 15
*SUP 1: $1.8091 - Low Aug 14
*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 rallied sharply Monday breaking above resistance at $1.8303 but traded in a
more volatile manner yesterday. While gains since the low on Aug 7 have
neutralised the recent bearish tone, a break above resistance at $1.8839 is
required to signal scope for an extension higher. This would open $1.8984
initially, the 50-day EMA. On the downside however, a move below yesterday's
$1.8091 low would instead expose the Aug 7 low of $1.7450 once again.

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