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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: $1.9702 - High Oct 22 and upside trigger
*PRICE: $1.9400 @ 07:00 BST Oct 23
*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 traded higher yesterday briefly probing resistance at $1.9700. A bullish
outlook remains intact with price action having recently held above support at
$1.8744, Oct 8 low reinforcing a bullish theme. A clear break of $1.9700/02
would confirm a resumption of the uptrend and open $1.9905, 61.8% of the Sep 17
- Oct 3 decline. On the downside, sub $1.8744 levels would expose key support at
$1.8239, Oct 3 low once again. Initial support is at $1.8894.