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NYMEX RBOB (J20): Bears Firmly In.........>

OIL TECHS
OIL TECHS: NYMEX RBOB (J20): Bears Firmly In Charge
*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 and key near-term resistance
*RES 1: $1.1171 - Mar 12 high
*PRICE: $0.9400 @ 07:41 GMT Mar 13
*SUP 1: $0.8536 - Low Mar 12
*SUP 2: $0.8361 - 3.236 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 3: $0.8000 - Round number support
*SUP 4: $0.7842 - 3.382 projection of Jan 8 - Feb 4 decline from Feb 20 high
RBOB suffered a sharp sell-off again yesterday with futures trading to fresh
lows and confirming a resumption of the downtrend. This again also confirms that
the path of least resistance remains down and suggests further price
depreciation is likely. The move below the psychological $1.000 level has opened
$0.8361 next, a Fibonacci projection. Initial firm resistance resides at
yesterday's $1.1171 high.

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