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OIL TECHS: NYMEX RBOB: (F18) Recovery Flirting With 21-DMA
*RES 4: $1.8151 - High Nov 8
*RES 3: $1.8151 - High Nov 8
*RES 2: $1.7940 - High Nov 27
*RES 1: $1.7700 - High Dec 1
*PRICE: $1.7382 @ 0430GMT
*SUP 1: $1.7280 - Hourly resistance Dec 12
*SUP 2: $1.7235 - Hourly support Dec 11
*SUP 3: $1.7064 - Low Dec 11
*SUP 4: $1.6900 - Hourly support Dec 7
*COMMENTARY: The daily bull channel base off June 21 lows confirmed significance
with the contract bouncing and support layers building adding to bullish
confidence. Bulls need a close above the 21-DMA ($1.7373) to hint at a shift in
focus back to $1.8151 with above $1.7700 confirming. Bears now need a close
below $1.7235 to ease bullish pressure and hint at a correction back to
$1.6620-1.6900 where the 55-DMA and bull channel base are situated.