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NYMEX RBOB (K20): Developing Range *RES...>

OIL TECHS
OIL TECHS: NYMEX RBOB (K20): Developing Range
*RES 4: $0.8000 - Round number resistance
*RES 3: $0.7906 - High Mar 17
*RES 2: $0.7749 - High Apr 16 and bull trigger
*RES 1: $0.7455 - High Apr 23
*PRICE: $0.6270 @ 07:55 BST Apr 24
*SUP 1: $0.6000 - Round number support
*SUP 2: $0.4738 - Low Apr 22
*SUP 3: $0.4605 - Low Mar 23 and primary support
*SUP 4: $0.4562 - 3.500 projection of Jan 8 - Feb 4 decline from Feb 20 high
RBOB experienced a sharp rebound in prices Wednesday recovering off the day low
of $0.4738. This has left key support at $0.4605 intact, the Apr 23 trend low.
While the broader outlook remains bearish, it is possible that futures will
trade in a more choppy manner within what appears to be a developing range. The
top (key resistance) is at $0.7749, Apr 16 high. A breach of $0.4606 (range
base) is required to confirm a resumption of the downtrend.

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