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OIL TECHS
OIL TECHS: NYMEX HO (X19): Off Recent Highs
*RES 4: $2.0355 - 1.00 projection of Oct 3 - Oct 11 rally from Oct 15 low
*RES 3: $2.0299 - 76.4% retracement of Sep 17 - Oct 3 low
*RES 2: $2.0223 - High Sep 19
*RES 1: $1.9924 - High Oct 24 and key near-term resistance
*PRICE: $1.9569 @ 07:37 BST Oct 29
*SUP 1: $1.9510 - Low Oct 25
*SUP 2: $1.9201 - Low Oct 23
*SUP 3: $1.8894 - Low Oct 15
*SUP 4: $1.8744 - Low Oct 8 and key near-term support
HO gains stalled at Thursday's $1.9924 high. This was also just above the 61.8%
retracement of Sep 17 - Oct 3 decline at $1.9905 and reinforces the potential
significance of the recent move lower. The support to watch is $1.9510, Oct 25
low which if breached would further undermine the recent recovery and expose
$1.9201, Oct 23 low. For now, a bullish focus is being maintained while above
$1.9510. The trigger for a resumption of strength is $1.9924.

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