NYMEX HO (V19): Bearish conditions in.....>

OIL TECHS: NYMEX HO (V19): Bearish conditions in place

*RES 4: $2.1409 - 2.618 projection of Aug 7 - Aug 13 high from Sep 3 low

*RES 3: $2.0999 - High Sep 17

*RES 2: $2.0267 - High Sep 19

*RES 1: $1.9950 - High Sep 24

*PRICE: $1.9567 @ 06:42 BST Sep 25

*SUP 1: $1.9224 - Low Sep 25

*SUP 2: $1.9168 - High Sep 12

*SUP 3: $1.8910 - High Sep 13 and gap low

*SUP 4: $1.8513 - Low Sep 12

HO traded lower yesterday and below trendline support at $1.9458, drawn off the

Sep 3 low. The move lower marks an extension of the current pull-back with the

contract gradually filling the gap in the chart created by the risk related

spike on Sep 16. The focus is on $1.8910, Sep 13 high. A print of this level

would fill the gap. Resistance has been defined at $2.0267, Sep 19 high. While

this level remains intact, the near-term outlook is bearish.