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

OIL TECHS
OIL TECHS: NYMEX RBOB (J20): Selling Pressure Still Seen Dominating
*RES 4: $1.1171 - Mar 12 high
*RES 3: $1.0195 - High Mar 13
*RES 2: $0.9182 - High Mar 16
*RES 1: $0.7818 - High Mar 17
*PRICE: $0.7065 @ 07:22 GMT Mar 20
*SUP 1: $0.6205 - Low Mar 18
*SUP 2: $0.6000 - Round number support
*SUP 3: $0.5646 - 4.000 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 4: $0.4807 - 4.236 projection of Jan 8 - Feb 4 decline from Feb 20 high
RBOB remains vulnerable despite a recovery off this week's low. The sharp
sell-off Mar 9 and the resumption of the downtrend this week still weighs.
Technical readings continue to highlight a clear bearish picture too, suggesting
further weakness is likely. The next objective is $0.6000 ahead of 0.5646, a
Fibonacci projection. On the upside, initial resistance is at $0.7818. Major
resistance however is at $1.2348, the Mar 10 high.

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