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

OIL TECHS
OIL TECHS: NYMEX RBOB (J20): Selling Pressure Still Dominates
*RES 4: $1.2348 - High Mar 10 and key near-term resistance
*RES 3: $1.1171 - Mar 12 high
*RES 2: $1.0195 - High Mar 13
*RES 1: $0.9182 - High Mar 16
*PRICE: $0.7250 @ 07:25 GMT Mar 18
*SUP 1: $0.6778 - Low Mar 16
*SUP 2: $0.6485 - 3.764 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 3: $0.6000 - Round number support
*SUP 4: $0.5646 - 4.000 projection of Jan 8 - Feb 4 decline from Feb 20 high
RBOB suffered a sharp sell-off Monday 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
still likely. The move below the psychological $1.000 level has opened $0.6485,
the next Fibonacci projection. Initial firm resistance is seen at Monday's
$0.9182 high.

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