NYMEX RBOB (Q20): Holding Below Key.......>

OIL TECHS: NYMEX RBOB (Q20): Holding 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: $1.2140 @ 7:12 BST Jul 20

*SUP 1: $1.2170 - Low Jul 14

*SUP 2: $1.1920 - Low Jul 1

*SUP 3: $1.1687/1128 - 50-day EMA / Low Jun 29

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

RBOB futures found resistance Jul 8 at 1.2794 high leaving the key hurdle at

$1.3253 Jun 23 high intact. 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 and despite recent gains, attention is 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.