NYMEX HO (X19): Bullish Outlook Intact....>

OIL TECHS: NYMEX HO (X19): Bullish Outlook Intact

*RES 4: $2.0299 - 76.4% retracement of Sep 17 - Oct 3 low

*RES 3: $2.0223 - High Sep 19

*RES 2: $1.9905 - 61.8% retracement of Sep 17 - Oct 3 low

*RES 1: $1.9700 - High Oct 11

*PRICE: $1.9383 @ 07:16 BST Oct 22

*SUP 1: $1.8894 - Low Oct 15

*SUP 2: $1.8744 - Low Oct 8 and key near-term support

*SUP 3: $1.8239 - Low Oct 3 and bear trigger

*SUP 4: $1.8037 - Low Sep 4

HO recovered off the day low yesterday. Last week's gains are encouraging for

bulls with attention on resistance at $1.9700. Price action has also recently

managed to hold above support at $1.8744, Oct 8 low and this reinforces a

bullish theme. A break of $1.9700 would open $1.9905, 61.8% of the decline

between Sep 17 - Oct 3. On the downside, sub $1.8744 levels would expose key

support at $1.8239, Oct 3 low once again.