NYMEX RBOB: (U18) Rebound From 200 DMA....>

OIL TECHS: NYMEX RBOB: (U18) Rebound From 200 DMA

*RES 4: $2.1741 - High May 31 

*RES 3: $2.1531 - High July 10 

*RES 2: $2.1364 - High July 27 

*RES 1: $2.0985 - High August 8 

*PRICE: $2.0405 @ 07:33 GMT 

*SUP 1: $1.9715 - Low July 17 

*SUP 2: $1.9699 - 200-DMA 

*SUP 3: $1.9061 - Low April 6 

*SUP 4: $1.8152 - Low March 2

The 200-dma and the lower end of the two month trading range have remained

intact, allowing a rebound to developed. Initial resistance is placed at 2.0515.

A break above here is needed to give some near-term stability. However, to

arrest the downward momentum bulls need to recover 2.0985. Failure ahead of

2.0515 keeps the focus on the downside and the 200-dma at 1.9740 followed by the

July 17 low at 1.9715.