NYMEX RBOB (G19) 21-DMA Under Pressure....>

OIL TECHS: NYMEX RBOB (G19) 21-DMA Under Pressure

*RES 4: $1.8945 - 200-dma (continuation chart) 

*RES 3: $1.6104 - high Nov 16 (continuation chart) 

*RES 2: $1.5177 - High Dec 7 (continuation chart) 

*RES 1: $1.4677 - High Jan 18 (continuation chart) 

*PRICE: $1.3809 @ 06:06 GMT Jan 28 

*SUP 1: $1.3787 - 21-dma (continuation chart) 

*SUP 2: $1.2685 - Jan 2 low (continuation chart) 

*SUP 3: $1.2450 - Dec 26 low (continuation chart) 

*SUP 4: $0.8975 - Feb 12 2016 

RBOB futures are testing support at the 21-dma again after failing to sustain

gains above $1.40 on Friday. A break below here is looking increasingly likely

and would suggest a return to the Jan 2 low at $1.2685, ahead of the Dec 26 low

at $1.2450. Bulls need to take out the Jan 18 highs at $1.4677 to trigger a

potential inverse head and shoulder pattern opening the Dec 7 high and beyond.