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

OIL TECHS
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.

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