NYMEX RBOB (N20): Bearish Focus *RES 4:...>

OIL TECHS: NYMEX RBOB (N20): Bearish Focus

*RES 4: $1.3642 - Low Jun 3 and gap high on the daily chart

*RES 3: $1.3288 - High Jun 23 and key resistance

*RES 2: $1.3056 - High Jun 24

*RES 1: $1,2141 - High Jun 26

*PRICE: $1.1191 @ 07:21 BST Jun 29

*SUP 1: $1.0984 - 50-day EMA

*SUP 2: $1.0741 - Low Jun 12 and the bear trigger

*SUP 3: $1.0410 - Low Jun 1

*SUP 4: $1.0000 - Psychological round number

RBOB futures stalled at last Tuesday's high of $1.3288. The sharp pullback marks

a failure to extend gains following the recent break of former key resistance at

$1.2444, Jun 8 high. The outlook is bearish and attention is on key support at

$1.0741, Jun 12 low. A break of this level is required to highlight a more

convincing reversal. On the upside, clearance of $1.3288 is needed to reverse

the current bearish threat.