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

OIL TECHS
OIL TECHS: NYMEX RBOB (Q19): Heavy for now
*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: $1.8491 @ 06:50 BST Jul 22
*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 is 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. Initial
resistance for now is seen at $1.8949. Prices need to regain the $1.9500 area to
relieve the current bearish pressure.

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