NYMEX RBOB (F20): Risk Still Skewed To....>

OIL TECHS: NYMEX RBOB (F20): Risk Still Skewed To The Downside

*RES 4: $1.7358 - 1.618 projection of Oct 3 - Oct 14 rally from Oct 21 low

*RES 3: $1.7201 - 1.500 projection of Oct 3 - Oct 14 rally from Oct 21 low

*RES 2: $1.7036 - High Nov 22 and bull trigger

*RES 1: $1.6342 - High Dec 2

*PRICE: $1.6070 @ 07:39 GMT Dec 5

*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 extended these losses this week before

staging a recovery yesterday. The risk remains skewed to the downside though.

The break of $1.5773, Nov 8 low highlights a developing bearish threat and opens

$1.5437 next, 61.8% retracement of the Oct 3 - Nov 22 rally. Momentum studies

are pointing south reinforcing this threat. For a bullish tone to return, prices

need to reclaim territory lost recently and move towards $1.7000.