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NYMEX RBOB (U19): Eyeing the $1.6111/07...>

OIL TECHS
OIL TECHS: NYMEX RBOB (U19): Eyeing the $1.6111/07 support
*RES 4: $1.7456 - High Aug 13 and directional trigger
*RES 3: $1.7423/25 - Trendline resistance drawn off the Jul 11 high / 50-day EMA
*RES 2: $1.7166 - Aug 21 high
*RES 1: $1.6708 - High Aug 23
*PRICE: $1.6620 @ 06:31 BST Aug 28
*SUP 1: $1.6111/07 - Low Aug 7 and 26 and key support
*SUP 2: $1.6062 - Low Jun 5 and bear trigger
*SUP 3: $1.5794 - 1.00 projection of Apr 22-Jun 5 decline off Jul 11 high
*SUP 4: $1.5571 1.618 projection of Jul 11 - Jul 18 decline off Jul 31 high
RBOB directional parameters at $1.6111 - $1.7456 are still relevant. Price
action probed $1.6111 Monday however a convincing break is still required. This
would confirm a resumption of the downtrend opening $1.6062 and $1.5794. For
bulls, clearance of 1.7456, the Aug 13 high would be encouraging. This would
open $1.7425, 50-day EMA, trendline resistance at $1.7423, drawn off the Jul 11
high and the 1.7456, Aug 13 high. 1.7423/56 is an important resistance band.

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