NYMEX RBOB (G20): Likely To Weaken........>

OIL TECHS: NYMEX RBOB (G20): Likely To Weaken Further

*RES 4: $1.7353 - 61.8% retracement of yesterday's range

*RES 3: $1.7150 - 50.0% retracement of yesterday's range

*RES 2: $1.6888 - Low Dec 31

*RES 1: $1.6695 - 23.6% retracement of yesterday's range

*PRICE: $1.6456 @ 07:49 GMT Jan 9

*SUP 1: $1.6289 - Low Jan 8

*SUP 2: $1.6223 - 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 was volatile yesterday with futures trading sharply lower off the day high

of $1.8011. Significantly, price has traded below support at $1.6888, Dec 31 low

and this effectively suggests a top has been put in place for now with the

technical outlook signalling scope for a deeper pullback near-term. A break of

yesterday's low at $1.6289 would open $1.6223, a retracement level and $1.6150,

Dec 11 low. Initial resistance is at $1.6888.