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NYMEX RBOB (K20): Heavy Once Again *RES...>

OIL TECHS
OIL TECHS: NYMEX RBOB (K20): Heavy Once Again
*RES 4: $0.7906 - High Mar 17
*RES 3: $0.7749 - High Apr 16 and bull trigger
*RES 2: $0.6882 - High Apr 21
*RES 1: $0.5770 - Intraday high
*PRICE: $0.5049 @ 08:20 BST Apr 22
*SUP 1: $0.4738 - Intraday low
*SUP 2: $0.4605 - Low Mar 23 and primary support
*SUP 3: $0.4562 - 3.500 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 4: $0.4111 - 3.618 projection of Jan 8 - Feb 4 decline from Feb 20 high
RBOB appears heavy following yesterday's sell-off. Futures traded through
$0.6252, the Apr 8 low and has extended the downside today touching a low of
$0.4738. The focus is on the 2020 low and major support at $0.4605 from Mar 23.
A break of this level would confirm a resumption of this year's downtrend and
open $0.4562, a Fibonacci projection level. On the upside, initial resistance is
at today's intraday high of $0.5770.

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