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NYMEX RBOB (H20): Still Off Recent Lows...>

OIL TECHS
OIL TECHS: NYMEX RBOB (H20): Still Off Recent Lows
*RES 4: $1.6903 - High Jan 14 and a key resistance
*RES 3: $1.6534 - High Jan 22
*RES 2: $1.5860 - High Jan 24
*RES 1: $1.5461 - High Jan 29
*PRICE: $1.5352 @ 07:17 GMT Jan 31
*SUP 1: $1.4449 - Low Jan 27
*SUP 2: $1.4311 - Low Sep 3
*SUP 3: $1.4208 - Low Aug 7
*SUP 4: $1.4000 - Round number support
RBOB is off recent lows. Recent gains reflect some easing of the risk averse
mood that has dominated market sentiment recently. From a technical standpoint
though, gains are viewed as a correction. Recent sharp losses are seen weighing
on sentiment with bearish technical conditions still in place. Futures have this
week probed key support at $1.4564, the Oct 3 low. A clear break would open
$1.4311, Sep 3 low. The next firm resistance is seen at $1.5860.

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