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NYMEX RBOB (G20): Heading South *RES 4:...>

OIL TECHS
OIL TECHS: NYMEX RBOB (G20): Heading South
*RES 4: $1.7343 - 61.8% retracement of the Jan 8 - Jan 15 decline
*RES 3: $1.7136 - 50.0% retracement of the Jan 8 - Jan 15 decline
*RES 2: $1.6888 - Low Dec 31
*RES 1: $1.6851 - High Jan 14
*PRICE: $1.6495 @ 07:33 GMT Jan 16
*SUP 1: $1.6262 - Low Jan 15
*SUP 2: $1.6222 - 50% retracement of the Oct 3 - Jan 8 rally
*SUP 3: $1.6150 - Low Dec 11
*SUP 4: $1.5800 - 61.8% retracement of the Oct 3 - Jan 8 rally
RBOB remains bearish following last week's sharp sell-off from the Jan 8 high of
$1.8011. Price also traded below support at $1.6888, Dec 31 low to effectively
suggest a clear reversal of the Oct 3 - Jan 8 uptrend. Momentum studies remain
bearish too, reinforcing current conditions. The break yesterday of $1.6289, Jan
8 low opens $1.6222, a retracement level and $1.6150, Dec 11 low. Resistance is
seen at $1.6851.

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