NYMEX RBOB: (U18) Downtrend Intact But....>

OIL TECHS: NYMEX RBOB: (U18) Downtrend Intact But At Risk

*RES 4: $2.1741 - High May 31 

*RES 3: $2.1531 - High July 10 

*RES 2: $2.1364 - High July 27 

*RES 1: $2.1056 - High August 7 

*PRICE: $2.0740 @ 04:51 GMT 

*SUP 1: $2.0230 - Breakout level Aug 22 

*SUP 2: $1.9841 - 200-DMA 

*SUP 3: $1.9671 - Low August 16 

*SUP 4: $1.9061 - Low April 6 

The pace of the recovery in Sep-2018 RBOB futures has been less impressive than

those of its peers, with the August 7 peak still yet to be overcome. That said,

momentum is building and the solid base formed at the 200-dma makes a strong

case for continued gains. $2.1056 is the next upside target ahead of the July 10

and May 31 peaks. Bears need to close back below $2.0230 to give them some

breathing room but below the 200-dma support is needed to shift the focus lower.