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NYMEX RBOB (J20): Bearish Focus Still.....>

OIL TECHS
OIL TECHS: NYMEX RBOB (J20): Bearish Focus Still Intact
*RES 4: $1.7287 - High Jan 25
*RES 3: $1.6440 - High Feb 26
*RES 2: $1.6032 - Low Feb 4 and former breakout level
*RES 1: $1.5927 - High Mar 3
*PRICE: $1.5714 @ 07:27 GMT Mar 5
*SUP 1: $1.4411 - Low Mar 2
*SUP 2: $1.4112 - 161.8% retracement projection of the Oct 3 - Feb 8 rally
*SUP 3: $1.4000 - Round number support
*SUP 4: $1.3593 - 176.4% retracement of the Oct 3 - Feb 8 rally
RBOB remains in a downtrend despite this week's bounce. The sell-off last week
resulted in a break of $1.6032, Feb 4 low and confirmed a resumption of the bear
trend. This also reinforced the bearish price sequence of lower lows and lower
highs and places bears firmly in control of the trend. The focus is on $1.4112
next, a Fibonacci retracement projection despite recovering this week. Firm
resistance is seen at $1.6032, the Feb 4 low.

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