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NYMEX RBOB (N19): Bullish Exhaustion......>

OIL TECHS
OIL TECHS: NYMEX RBOB (N19): Bullish Exhaustion
*RES 4: $1.8671 - 200-dma
*RES 3: $1.8557 - High May 31
*RES 2: $1.8356 - 100-dma
*RES 1: $1.7867 - High June 3
*PRICE: $1.7308 @ 06:15 GMT Jun 12
*SUP 1: $1.6688/25 - Low June 6, Jun 5
*SUP 2: $1.6088 - Low Dec 6
*SUP 3: $1.5952/5823 - 76.4% Dec-Apr rally/Low Jan 28
Bullish exhaustion emerges as the recovery now seems to be running out of steam.
The corrective gains seen over the past few days have fallen just short of the
38.2% retracement level of the last downleg. Near-term momentum indicators are
starting to turn lower once again. The structure of recent price activity has
also maintained a bearish formation. Confirmation of a renewed bearish technical
signal will be given on a break below $1.7018, suggesting a resumption of the
downtrend through the $166.25 lows.

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