NYMEX RBOB (U19): 200-dma Breached *RES...>

OIL TECHS: NYMEX RBOB (U19): 200-dma Breached

*RES 4: $1.9490 - High Jul 16 (continuation)

*RES 3: $1.8938 - Low Jul 31 (continuation) - close the gap

*RES 2: $1.8208 - Low Jul 18 (continuation) and previous key support

*RES 1: $1.7210 - 200dma (continuation)

*PRICE: $1.6791 @ 08:49 BST Aug 7

*SUP 1: $1.6625 - Low Jun 5 (continuation)

*SUP 2: $1.6490 - High Feb 28 (close the gap)

*SUP 3: $1.5930/58.80 - 61.8% retracement Apr highs to Dec 2018 lows/ Low Feb 27

*SUP 4: $1.5405 - Low Feb 26

After breaking below the 200-dma an outright bearish technical pattern is

beginning to form. The $1.6625 level is now key. A break below here would be

needed to confirm that the medium term trend is switching to the downside. Below

here, focus would turn to closing the gap in the continuation chart to $1.6490.

Bulls need to move back above the broken trendline at $1.7896 to turn the

outlook neutral.