NYMEX RBOB (N20): Bearish Risk Still......>

OIL TECHS: NYMEX RBOB (N20): Bearish Risk Still Present

*RES 4: $1.3072 - High Mar 9 and gap low on the daily chart

*RES 3: $1.2444/2528 - High Jun 8 / 50.0% of the Jan - Mar sell-off

*RES 2: $1.2038 - High Jun 11

*RES 1: $1.1950 - Former trendline support drawn off the Apr 22 low

*PRICE: $1.1690 @ 07:04 BST Jun 16

*SUP 1: $1.0741 - Low Jun 12

*SUP 2: $1.0414 - 50-day EMA

*SUP 3: $0.9891 - Low May 28

*SUP 4: $0.9363 - Low May 15

RBOB futures remain weak despite the recent recovery. Price last week cleared

trendline support drawn off the Apr 22 low. This signals a developing bearish

threat and a potential S/T reversal. Furthermore, trend conditions entered

overbought territory recently and the pullback is allowing this to unwind.

Deeper losses would expose $1.0414, the 50-day EMA and $0.9891, May 28 low.

$1.1950, the former trendline support marks the initial firm resistance.