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

OIL TECHS
OIL TECHS: NYMEX RBOB (N19): Bullish impulsive conditions dominate
*RES 4: $2.0645 - High Apr 22 and major resistance
*RES 3: $2.0511 - High may 17
*RES 2: $2.0011 - High May 21
*RES 1: $1.9787 - High Jun 26
*PRICE: $1.9612 @ 05:08 BST Jun 27
*SUP 1: $1.9051 - Low Jun 26
*SUP 2: $1.8374 - Jun 24 low
*SUP 3: $1.7646 - High Jun 11 and former breakout point
*SUP 4: $1.6658 - Low Jun 18
RBOB has led the way in this week's commodity rally. The move last week through
the 1.7646 resistance confirmed a bullish reversal and bulls haven't looked
back. Yday was no exception. Momentum studies are in a favourable condition too
and rising, reinforcing the positive outlook for bulls. The 76.4% retracement of
the Apr 22-Jun 5 decline at 1.9696 was tested yesterday. Attention now turns to
a 100% retracement back to the Apr high 2.0645. Initial support sits at 1.9051.

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