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NYMEX RBOB (F20): Eyeing Near-Term........>

OIL TECHS
OIL TECHS: NYMEX RBOB (F20): Eyeing Near-Term 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: $1.6885 - High Nov 29
*PRICE: $1.6653 @ 07:38 GMT Dec 18
*SUP 1: $1.6100 - Low Dec 11
*SUP 2: $1.5550 - Low Dec 3 and key support
*SUP 3: $1.5437 - 61.8% retracement of the Oct 3 - Nov 22 rally
*SUP 4: $1.5209 - Low Oct 21
RBOB staged a recovery between Dec 3 and Dec 6 and extended these gains
yesterday. A near-term bullish outlook remains in place and the scene is set for
a climb towards $1.6885 and $1.7036, Nov 29 and Nov 22 highs respectively.
Clearance of the latter 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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