NYMEX RBOB (G20): Still Seen Heading......>

OIL TECHS: NYMEX RBOB (G20): Still Seen 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: $1.6557 @ 07:25 GMT Jan 17

*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. Although consolidation dominates

for now, further weakness is seen likely with the focus on $1.6222, a

retracement level and $1.6150, Dec 11 low. Resistance is seen at $1.6851.