NYMEX RBOB (N20): Uptrend Threatened......>

OIL TECHS: NYMEX RBOB (N20): Uptrend Threatened

*RES 4: $1.3642 - Low Mar 6 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: $120.38 - High Jun 11

*PRICE: $1.0898 @ 07:40 BST Jun 12

*SUP 1: $1.0767 - Intraday low

*SUP 2: $1.0327 - 50-day EMA

*SUP 3: $0.9891 - Low May 28

*SUP 4: $0.9363 - Low May 15

RBOB futures futures traded lower yesterday. Price has cleared trendline support

at $114.68, drawn off the Apr 22 low. This signals a developing bearish threat

and a potential short-term reversal. Furthermore, trend conditions entered

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

Deeper losses would expose $103.27, the 50-day EMA and $98.91, May 28 low.

Initial firm resistance is at $120.38, Jun 10 high.