NYMEX RBOB (G19) Minor Pullback *RES 4:...>

OIL TECHS: NYMEX RBOB (G19) Minor Pullback

*RES 4: $1.8642 - 200-dma

*RES 3: $1.6308 - 100-dma

*RES 2: $1.6104 - High Nov 16 (continuation chart)

*RES 1: $1.5177 - High Dec 7 (continuation chart) 

*PRICE: $1.4323 @ 07:10 GMT Feb 5

*SUP 1: $1.3230 - Jan 28 low

*SUP 2: $1.2685 - Jan 2 low

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

*SUP 4: $0.8975 - Feb 12 2016 (continuation chart)

RBOB futures closed above the 50-dma on Friday triggering an inverse head and

shoulder pattern to $1.4850. This brings the Dec 7 high at $1.5177 into view, a

break further improves the outlook opening the Nov 16 high & 100-dma at

$1.6104/6308. Bears need to clear the 50-dma at $1.3931 to change the outlook,

before challenging the Jan 28 low at $1.3230, ahead of a run at the Jan 2 and

Dec 26 lows.