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: $1.8674 @ 06:45 BST Jul 29

*SUP 1: $1.8208 - Low Jul 18 and bear trigger

*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 the sharp sell-off between Jul 11-Jul 18. This

reversed the uptrend that had been in place since the Jun 5 low. 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.

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

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