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NYMEX RBOB (J20): Selling Pressure........>

OIL TECHS
OIL TECHS: NYMEX RBOB (J20): Selling Pressure Resumes
*RES 4: $1.3480 - Low Mar 6 and gap high on daily chart
*RES 3: $1.2348 - High Mar 10 and key near-term resistance
*RES 2: $1.1171 - Mar 12 high
*RES 1: $1.0195 - High Mar 13
*PRICE: $0.7836 @ 07:34 GMT Mar 16
*SUP 1: $0.7423 - 3.500 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 2: $0.7004 - 3.618 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 3: $0.7000 - Round number support
*SUP 4: $0.6485 - 3.764 projection of Jan 8 - Feb 4 decline from Feb 20 high
RBOB suffered a sharp sell-off again overnight with futures trading to fresh
lows and confirming again, a resumption of the downtrend. This 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
$0.7423 next, both Fibonacci projections. Initial firm resistance is seen at
Friday's $1.0195 high.

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