NYMEX RBOB (M20): Bullish Wave Intact.....>

OIL TECHS: NYMEX RBOB (M20): Bullish Wave Intact

*RES 4: $1.1000 - Round number resistance

*RES 3: $1.0689 - 1.764 projection of Mar 23 - Apr 9 rally from Apr 22 low

*RES 2: $1.0449 - High Mar 13

*RES 1: $1.0239 - 1.618 projection of Mar 23 - Apr 9 rally from Apr 22 low

*PRICE: $1.0016 @ 07:21 BST May 18

*SUP 1: $0.9165 - Low May 15

*SUP 2: $0.8272 - High Apr 9 and former breakout level

*SUP 3: $0.7408 - Low May 4

*SUP 4: $0.7119 - Low Apr 29

RBOB futures maintain a bullish tone and have started the week on a firm note.

On May 5 the contract traded through key resistance at $0.8272, Apr 9 high. The

break higher confirmed a short-term reversal and at the very least signals scope

for a stronger correction. Today, price is through the psychological $1.000

level further reinforcing the current bullish wave. Attention is on $1.0239

next, a Fibonacci extension. Initial support lies at $0.9165.