NYMEX RBOB (N20): Underlying Bullish......>

OIL TECHS: NYMEX RBOB (N20): Underlying Bullish Theme Intact

*RES 4: $1.4000 - Round number resistance

*RES 3: $1.3642 - Low Mar 6 and gap high on the daily chart

*RES 2: $1.3072 - High Mar 9 and gap low on the daily chart

*RES 1: $1.2444/2528 - High Jun 8 / 50.0% of the Jan - Mar sell-off

*PRICE: $1.1780 @ 07:21 BST Jun 11

*SUP 1: $1.1468 - Trendline drawn off the Apr 22 low

*SUP 2: $1.0999 - High May 20 and key near-term support

*SUP 3: $1.0844 - 20-day EMA

*SUP 4: $1.0660 - Low Jun 2

RBOB futures are consolidating but maintain a bullish tone. Price last week

traded above $1.0999, May 20 high. This brought to an end the recent

consolidation and importantly confirmed a resumption of the uptrend that has

dominated since Mar 23. Also note that the $1.2000 handle has been cleared,

reinforcing bullish conditions. Initial firm support lies at $1.0999, May 20

high. Key trend support though is at $0.9891, May 28 low.