NYMEX RBOB (J20): Bearish Trend Intact....>

OIL TECHS: NYMEX RBOB (J20): Bearish Trend Intact

*RES 4: $1.5216 - High Mar 6

*RES 3: $1.4411 - Low Mar 2

*RES 2: $1.3480 - Low Mar 6 and gap high on daily chart

*RES 1: $1.2348 - High Mar 10

*PRICE: $1.1534 @ 07:25 GMT Mar 11

*SUP 1: $1.1199 - Low Mar 10

*SUP 2: $1.0574 - Low Mar 9

*SUP 3: $1.0373 - 2.00 projection of Jan 8 - Feb 4 decline from Feb 20 high

*SUP 4: $1.0000 - Psychological round number

RBOB suffered a sharp sell-off Monday. The move lower again confirmed a

resumption of this year's downtrend paving the way for more weakness. The focus

is on $1.0373, a Fibonacci projection and $1.0000. Note that Monday's price

action created a $1.2324 - $1.3840 gap on daily charts. This was partially

filled yesterday and it would not be a surprise to see the market fill the gap.

Whether that happens in the near-term or at a later date remains to be seen.