NYMEX RBOB (Q19): Remains heavy *RES 4:.........>

OIL: NYMEX RBOB (Q19): Remains heavy

*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: $1.8809 @ 06:45 BST Jul 18

*SUP 1: $1.8710 - Low Jul 17

*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 is bearish following this weeks sharp sell-off. This has negated for now

the bullish implications of last weeks gains and attention is on support at

$1.8623, the low of Jul 3. A break of this level would open $1.8359, the 50%

retracement of the rally between Jun 5-Jul 11. The 61.8% level lies at $1.7882,

also an objective. Initial resistance is at $1.9490. Prices need to regain

$2.0000 to relieve the current bearish pressure.