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

OIL TECHS
OIL TECHS: NYMEX RBOB (F20): Correcting
*RES 4: $1.7426 - 0.764 projection of Oct 3 - Nov 22 rally from Dec 3 low
*RES 3: $1.7361 - High May 16
*RES 2: $1.7241 - High May 20
*RES 1: $1.7226 - High Dec 20
*PRICE: $1.6956 @ 08:50 GMT Dec 23
*SUP 1: $1.6815 - Low Dec 19
*SUP 2: $1.6532 - Low Dec 16
*SUP 3: $1.6100 - Low Dec 11
*SUP 4: $1.5550 - Low Dec 3 and key support
RBOB retains a bullish outlook despite the Friday's move lower. Last week
futures traded through key resistance at $1.7036, Nov 22 high and the bull
trigger. This confirms a resumption of the uptrend with price maintaining the
bullish sequence of higher highs and higher lows. Momentum studies are pointing
north too, reinforcing current trending conditions. The focus is on $1.7241, May
20 high and $1.7361, May 16 high. Support is seen at $1.6532, Dec 16 low.

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