NYMEX HO (X19): Extending The Downside....>

OIL TECHS: NYMEX HO (X19): Extending The Downside

*RES 4: $2.0935 - High Sep 17 and bull trigger

*RES 3: $2.0223 - High Sep 19 and key resistance

*RES 2: $1.9911 - High Sep 24

*RES 1: $1.9608 - High Sep 27

*PRICE: $1.9095 @ 07:53 BST Oct 1

*SUP 1: $1.8957 - Low Sep 30

*SUP 2: $1.8898 - High Sep 13 and gap low

*SUP 3: $1.8515 - Low Sep 12

*SUP 4: $1.8460 - Low Sep 6

HO remains bearish and did trade lower again yesterday. The sell-off over the

past two weeks is expected to extend and eventually complete the process of

filling the gap in the chart created by the risk related spike on Sep 16. The

focus is on $1.8898, Sep 13 high. A print of this level would result in the gap

being filled. Initial resistance has been defined at $1.9608, Sep 27 high though

a break above $2.0223, Sep 19 high is needed to reinstate a bullish theme.