NYMEX HO (V19): Retracing Monday's........>

OIL TECHS: NYMEX HO (V19): Retracing Monday's spike

*RES 4: $2.1940 - 2.000 projection of Sep 3 - Sep rally from Sep 12 low

*RES 3: $2.1513 - 1.618 projection of Sep 3 - Sep rally from Sep 12 low

*RES 2: $2.0999 - High Sep 17

*RES 1: $2.0277 - Intraday high during the US session, Sep 17

*PRICE: $1.9922 @ 07:05 BST Sep 18

*SUP 1: $1.9679 - Low Sep 17

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

*SUP 3: $1.9168 - High Sep 12

*SUP 4: $1.8938 - Trendline support drawn off the Sep 3 low

HO pulled back sharply yesterday after a Reuters report that Saudi Arabian oil

output is to return to normal levels quicker than originally thought. With the

market unwinding Monday's spike, the focus is on $1.9624, Sep 10 high. A print

of this level would fill and initial gap in the chart. A deeper sell-off would

open $1.8910, Sep 13 high to fill the entire gap in the chart left by Monday's

spike. $2.0277, an intraday high during the US session is initial resistance.