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NYMEX RBOB (F20): Correcting *RES 4:......>

OIL TECHS
OIL TECHS: NYMEX RBOB (F20): Correcting
*RES 4: $1.7201 - 1.500 projection of Oct 3 - Oct 14 rally from Oct 21 low
*RES 3: $1.7036 - High Nov 22 and bull trigger
*RES 2: $1.6885 - High Nov 29
*RES 1: $1.6342 - High Dec 2
*PRICE: $1.6230 @ 07:37 GMT Dec 6
*SUP 1: $1.5550 - Low Dec 3
*SUP 2: $1.5437 - 61.8% retracement of the Oct 3 - Nov 22 rally
*SUP 3: $1.5209 - Low Oct 21
*SUP 4: $1.5060 - 76.4% retracement of the Oct 3 - Nov 22 rally
RBOB sold off sharply on Nov 29 and earlier this week before staging a recovery
off Tuesday's low. The recent move higher is being viewed as a correction with
initial resistance at $1.6342, Dec 2 high. If this level is cleared, scope will
exist for a stronger climb and would open $1.6885, Nov 29 ahead of the key
resistance and bull trigger at $1.7036. A failure to hold onto current levels
would refocus attention on the bear trigger at $1.5550, Dec 3 low.

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