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

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

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

*RES 3: $1.3072 - High Mar 9 and gap low on the daily chart

*RES 2: $1.2444/2528 - High Jun 8 / 50.0% of the Jan - Mar sell-off

*RES 1: $1.2257 - High Jun 16

*PRICE: $1.2153 @ 07:17 BST Jun 18

*SUP 1: $1.1550 - Low Jun 16

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

*SUP 3: $1.0545 - 50-day EMA

*SUP 4: $0.9891 - Low May 28

RBOB futures have recovered this week. Despite this, a bearish risk is still

present. 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 a

pullback is allowing this to unwind. Deeper losses would expose $1.0479, the

50-day EMA and $0.9891, May 28 low. Key resistance is at 124.44, Jun 8 high.