NYMEX HO: (Z17) Some Respite As $1.8830...>

OIL TECHS: NYMEX HO: (Z17) Some Respite As $1.8830 Holds Fall

*RES 4: $1.9441 Nov 13 high

*RES 3: $1.9277 Nov 10 low, now resistance

*RES 2: $1.9217 Nov 13 low, now resistance

*RES 1: $1.9162 Nov 16 high

*PRICE: $1.9021 @0211GMT                                

*SUP 1: $1.8830 Nov 14 low

*SUP 2: $1.8666 76.4% Fibo of $1.8408-$1.9561

*SUP 3: $1.8407/08 Sep 27 high, Nov 2 low

*SUP 4: $1.8389 50% Fibo of $1.7217-$1.9561

*COMMENTARY: The rally faltered at $1.9561 last week, suggesting that we may be

close to completing a 5 wave rise since the mid June low at $1.4154. The

subsequent loss of the Nov 9 low at $1.9178 was the initial concern, then the

Nov 8 low at $1.9048 the next. A low of $1.8830 so far, before some near term

oversold conditions prefaced a bounce. In this respect $1.9217-$1.9277 provides

resistance. Below $1.8830 and look to $1.8666-$1.8407 next.