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

OIL TECHS
OIL TECHS: NYMEX RBOB (J20): Bearish Trend Resumes
*RES 4: $1.4411 - Low Mar 2
*RES 3: $1.3480 - Low Mar 6 and gap high on daily chart
*RES 2: $1.2348 - High Mar 10
*RES 1: $1.1171 - Intraday high
*PRICE: $1.0196 @ 07:39 GMT Mar 12
*SUP 1: $0.9950 - Intraday low
*SUP 2: $0.9200 - 3.000 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 3: $0.9000 - Round number support
*SUP 4: $0.8361 - 3.236 projection of Jan 8 - Feb 4 decline from Feb 20 high
RBOB suffered a sharp sell-off Monday and is under pressure again today. Futures
have traded to fresh lows and confirmed a resumption of the downtrend. This
again confirms the path of least resistance remains down and further price
depreciation is likely. The focus is on further pressure on the psychological
1.0000 level with the next objective at 0.9200, a Fibonacci projection. Initial
resistance is $1.1171, today's intraday high.

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