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OIL TECHS: NYMEX RBOB (M20): Watching Key Resistance
*RES 4: $0.9597 - High Mar 16
*RES 3: $0.9000 - Round number resistance
*RES 2: $0.8272 - High Apr 9 and bull trigger
*RES 1: $0.8100 - Intraday high
*PRICE: $0.7854 @ 07:55 BST Apr 30
*SUP 1: $0.6519 - Low Apr 24
*SUP 2: $0.5251 - Low Apr 22
*SUP 3: $0.5189 - Low Mar 23 and primary support
*SUP 4: $0.5000 - Round number support
RBOB futures experienced a sharp rebound in prices on Apr 22 recovering off the
day low of $0.5251. This has left key support at $0.5189 intact, Apr 23 trend
low. The broader outlook remains bearish although 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 $0.8272, Apr 9 high. A breach of $0.5189 (range
base) would confirm a resumption of the downtrend.