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

OIL TECHS: NYMEX RBOB (G20): Heading South

*RES 4: $1.6888 - Low Dec 31

*RES 3: $1.6851 - High Jan 14 and key near-term resistance

*RES 2: $1.6711 - High Jan 21

*RES 1: $163.92 - High Jan 22

*PRICE: $1.5628 @ 07:44 GMT Jan 23

*SUP 1: $1.5561 - Intraday low

*SUP 2: $1.5517 - Low Oct 31

*SUP 3: $1.5278 - 76.4% retracement of the Oct 3 - Jan 8 rally

*SUP 4: $1.5192 - Low 0ct 21

RBOB remains bearish following the sharp sell-off on Jan 8 and this week,

futures have confirmed a resumption of the downtrend following the break on

Tuesday of former support at $1.6262, the Jan 15 low. The move lower paves the

way for weakness towards $1.5517, Oct 31 low next and $1.5278, a retracement

level. On the upside, resistance has been defined at $1.6851, Jan 14 high where

a break is required to ease bearish pressure.