NYMEX RBOB (Q19): Bear flag formation.....>

OIL TECHS: NYMEX RBOB (Q19): Bear flag formation

*RES 4: $2.0378 - High Jul 11 and key resistance

*RES 3: $2.0005 - High Jul 12

*RES 2: $1.9490 - High Jul 16

*RES 1: $1.8949 - High Jul 18

*PRICE: $1.8539 @ 06:56 BST Jul 24

*SUP 1: $1.8208 - Low Jul 18

*SUP 2: $1.7882 - 61.8% retracement of the rally between Jun 5-Jul 11

*SUP 3: $1.7493 - Low Jun 21

*SUP 4: $1.7292 - 76.4% retracement of the rally between Jun 5-Jul 11

RBOB remains bearish following last weeks sharp sell-off. This reversed the

uptrend that had been in place since the low of Jun 5. Former support at 1.8623,

the low of Jul 3 has also been breached reinforcing the bearish tone. The break

opens 1.7882, the 61.8% retracement of the rally between Jun 5-Jul 11.This weeks

consolidation appears to be taking the shape of a bear flag formation,

reinforcing the bearish tone. Initial resistance for now is seen at 1.8949.