NYMEX RBOB (Q20): Key Resistance Still....>

OIL TECHS: NYMEX RBOB (Q20): Key Resistance Still Intact

*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: $1.2572 @ 07:26 BST Jul 16

*SUP 1: $1.2170 - Low Jul 14

*SUP 2: $1.1920 - Low Jul 1

*SUP 3: $1.1595/1128 - 50-day EMA / Low Jun 29

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

RBOB futures found resistance last week at the 1.2794 high leaving the key

hurdle at $1.3253 Jun 23 high intact. The sharp pullback from this level,

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.