NYMEX HO (X19): Off Recent Highs *RES.....>

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.