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NYMEX RBOB (U19): Focus is on a...........>

OIL TECHS
OIL TECHS: NYMEX RBOB (U19): Focus is on a $1.6111/6062 break
*RES 4: $1.7736 - Low Jul 18
*RES 3: $1.7338 - High Aug 6
*RES 2: $1.7194 - 200dma (continuation)
*RES 1: $1.6895 - High Aug 9
*PRICE: $1.6590 @ 06:34 BST Aug 13
*SUP 1: $1.6111 - Low Aug 7
*SUP 2: $1.6062 - Low Jun 5
*SUP 3: $1.5853 - Channel base drawn off the Apr 25 high
*SUP 4: $1.5405 - Low Feb 26 (continuation)
RBOB found support just ahead of the Jun lows last Wednesday. Despite a recent
recovery, the underlying bearish trend remains intact and any near-term gains
are being viewed as a correction. A recovery above the $1.6895 and the $1.7000
level is needed to suggest scope for a stronger correction. Key support lies at
$1.6111 and $1.6062. A breach of this zone would open $1.5853, a bear channel
base drawn off the Apr 25 high and also an important support.

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