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OIL TECHS
OIL TECHS: NYMEX RBOB (F20): Eyeing Key Resistance
*RES 4: $1.7361 - High May 16
*RES 3: $1.7201 - 1.50 projection of Oct 3 - Oct 14 rally from Oct 21 low
*RES 2: $1.7036 - High Nov 22 and bull trigger
*RES 1: $1.6904 - High Dec18
*PRICE: $1.6872 @ 07:09 GMT Dec 19
*SUP 1: $1.6532 - Low Dec 16
*SUP 2: $1.6100 - Low Dec 11
*SUP 3: $1.5550 - Low Dec 3 and key support
*SUP 4: $1.5437 - 61.8% retracement of the Oct 3 - Nov 22 rally
RBOB staged a recovery between Dec 3 and Dec 6 and is holding onto these gains.
A near-term bullish outlook remains in place and the scene is set for a climb
towards $1.7036, Nov 22 high and the bull trigger. Clearance of this level would
confirm a resumption of the uptrend that has been in place since Aug 7. Initial
key support lies $1.6100. A break here would undermine the current bullish
focus.

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