NYMEX RBOB (Q20): Bearish Concerns........>

OIL TECHS: NYMEX RBOB (Q20): Bearish Concerns Remain

*RES 4: $1.3403 - 2.50 projection of Mar 23 - Apr 9 rally from Apr 22 low

*RES 3: $1.3253 - High Jun 23 and key resistance

*RES 2: $1.3048 - High Jun 24

*RES 1: $1.2254 - High Jun 30

*PRICE: $1.2210 @ 07:25 BST Jul 1

*SUP 1: $1.1156/28 - 50-day EMA / Low Jun 29

*SUP 2: $1.0916 - Low Jun 12 and the bear trigger

*SUP 3: $1.0582 - Low Jun 1

*SUP 4: $1.0000 - Psychological round number

RBOB futures stalled at $1.3253 on Jun 23. The sharp pullback marks a failure to

extend gains following the recent break of former key resistance at $1.2571, Jun

8 high. This highlights a bearish risk and attention is on key support at

$1.0916, Jun 12 low. A break of this level would highlight a more convincing

reversal. On the upside, clearance of $1.3253 is required to reverse the current

bearish threat.