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NYMEX RBOB (K20): Bearish Focus Intact....>

OIL TECHS
OIL TECHS: NYMEX RBOB (K20): Bearish Focus Intact
*RES 4: $1.7132 - High Jan 25
*RES 3: $1.6347 - High Feb 26
*RES 2: $1.6100 - Low Feb 4 and former breakout level
*RES 1: $1.5680 - Intraday high
*PRICE: $1.5464 @ 07:13 GMT Mar 3
*SUP 1: $1.4339 - Low Mar 2
*SUP 2: $1.4159 - 161.8% retracement of the Oct 3 - Feb 8 rally
*SUP 3: $1.4000 - Round number support
*SUP 4: $1.3639 - 176.4% retracement of the Oct 3 - Feb 8 rally
RBOB resumed its 2020 downtrend last week. The sell-off last week resulted in a
break of $1.6100, Feb 4 low and confirmed a resumption of the bear trend. This
also reinforced the bearish price sequence of lower lows and lower highs and
places bears firmly in control of the trend. The focus is on $1.4159 next, a
Fibonacci retracement projection despite recovering yesterday. Firm resistance
is seen at $1.6100, the Feb 4 low.

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