NYMEX HO (V19): Eyeing resistance *RES....>

OIL TECHS: NYMEX HO (V19): Eyeing resistance

*RES 4: $2.1481 - High May 16

*RES 3: $2.1253 - High May 20

*RES 2: $2.1050 - High May 21

*RES 1: $2.0966 - High Sep 16 and key resistance

*PRICE: $2.0762 @ 06:24 BST Sep 17

*SUP 1: $1.9860 - Low Sep 16

*SUP 2: $1.9624 - High Oct 10 and initial gap low

*SUP 3: $1.9168 - High Sep 12

*SUP 4: $1.8831 - Trendline support drawn off the Sep 3 low

HO traded in a wide range Monday following the reaction to weekend developments

in Saudi Arabia. It remains difficult to read charts under such conditions as

the market evaluates the heightened risk concerns. Prices have however defined a

key near-term support at 1.9860, yesterday's low. A break would likely trigger a

deeper sell-off exposing 1.9624 initially to fill a gap in the chart. On the

upside, resistance and now a bull trigger is at 2.0966, yday's high.