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

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.