NYMEX Crude Oil Technical Levels

Bears Eye 200-Week Moving Average
RES 4: $57.72 Daily high 8 Jan
RES 3: $56.20 Daily high 9 Jan
RES 2: $54.73 Daily high 11 Jan
RES 1: $53.95 5-day moving average

LAST PRICE: $52.08

SUP 1: $50.90 Daily low 1 June 2005
SUP 2: $50.00 Psychological level
SUP 3: $49.70 200-week moving average
SUP 4: $46.20 Daily low May 20, 2005

Bears remain in control with not much significant support seen until $50.85/90 and below key level downside target at the 200-week moving average at $49.70. Look for some short-covering off here initially ahead of the long-weekend break. However, m/t risks seen skewed lower to $45.35 -- 50.0% of Dec 98 to July 06 rally.