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NYMEX RBOB (U19): Below June Lows and.....>

OIL TECHS
OIL TECHS: NYMEX RBOB (U19): Below June Lows and Closed the Gap
*RES 4: $1.8938 - Low Jul 31 (continuation) - close the gap
*RES 3: $1.8208 - Low Jul 18 (continuation)
*RES 2: $1.7194 - 200dma (continuation)
*RES 1: $1.6625 - Low Jun 5 (continuation), previous key support
*PRICE: $1.6454 @ 08:22 BST Aug 8
*SUP 1: $1.6111 - Low Aug 7
*SUP 2: $1.5930/58.80 - 61.8% of Apr highs to Dec 2018 lows/ Low Feb 27
*SUP 3: $1.5405 - Low Feb 26 (continuation)
*SUP 4: $1.4850 High Feb 4 (continuation) - key support
Yesterday RBOB fell below the June lows and closed the gap in the continuation
chart to the Feb highs. This follows a breach of the 200-dma on Tuesday. Despite
moving off of the lows yesterday, the bearish trend looks to continue. Initially
focus will be on breaking through yesterday's low of $1.6111 ahead of the Feb 26
low of $1.5405 and key support around $1.4850. For a broader correction, a move
back above the June lows of $1.6625 is needed.

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