NYMEX RBOB (Q20): Firmer But Still........>

OIL TECHS: NYMEX RBOB (Q20): Firmer But Still Trading Below Key Resistance

*RES 4: $1.3744 - 2.618 projection of Mar 23 - Apr 9 rally from Apr 22 low

*RES 3: $1.3403 - 2.50 projection of Mar 23 - Apr 9 rally from Apr 22 low

*RES 2: $1.3253 - High Jun 23 and key resistance

*RES 1: $1.2974/3048 - High Jul 8 / High Jun 24

*PRICE: $1.2921 @ 07:31 BST Jul 23

*SUP 1: $1.1939 - Low Jul 17

*SUP 2: $1.1800 - Low Jun 30

*SUP 3: $1.1795/1128 - 50-day EMA / Low Jun 29

*SUP 4: $1.0916 - Low Jun 12 and the trend reversal trigger

RBOB futures are extending gains. Note that price still remains below its key

resistance of $1.3253, Jun 23 high. The sharp pullback from $1.3253, between Jun

23 - 29 marked a failure to extend gains beyond $1.2571, Jun 8 high. This

highlights a bearish risk with attention on $1.0916, Jun 12 low. A break would

confirm a reversal. The initial bear trigger is $1.1128, Jun 29 low. Clearance

of $1.3253 would instead resume the uptrend that started in April.