NYMEX RBOB (Q19): Heavy for now *RES 4:...>

OIL TECHS: NYMEX RBOB (Q19): Heavy for now

*RES 4: $2.0533 - 1.618 projection of Jun 5-Jun rally from Jul 8 low

*RES 3: $2.0378 - High Jul 11 and bull trigger

*RES 2: $2.0005 - High Jul 12

*RES 1: $1.9490 - High Jul 16

*PRICE: $1.9014 @ 07:00 BST Jul 17

*SUP 1: $1.8781 - Low Jul 16

*SUP 2: $1.8623 - Low Jul 3 and key support

*SUP 3: $1.8359 - 50.0% retracement of the rally between Jun 5-Jul 11

*SUP 4: $1.7989 - Low Jun 24

RBOB has extended the sell-off following the recent break of its bull channel

base. The channel is drawn off the Jun 18 low. This has negated for now the

bullish implications of last week's gains and attention turns to support at the

Jul 3 low, 1.8623. A break would open 1.8359, the 50% retracement of the rally

between Jun 5-Jul 11. The 61.8% level lies at 1.7882. Initial resistance is at

1.9490. Prices need to regain 2.0000 to relieve the current bearish pressure.