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NYMEX RBOB (K20): Being Dragged Down......>

OIL TECHS
OIL TECHS: NYMEX RBOB (K20): Being Dragged Down
*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: $1.5537 - High Feb 27
*PRICE: $1.4759 @ 08:18 GMT Feb 28
*SUP 1: $1.4579 - 150.0% retracement of the Oct 3 - Feb 8 rally
*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 has resumed its 2020 downtrend. This week's move lower has resulted in a
break of the $1.6100 low from Feb 4 and confirms a resumption of the bear trend.
The move lower reinforces the bearish price sequence of lower lows and lower
highs and places bears firmly in control of the trend. The focus is on $1.4579
next ahead of $1.4159, both Fibonacci retracement projections. On the upside,
firm resistance is seen at $1.6100.

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