NYMEX RBOB (U19): Key Support Still In....>

OIL TECHS: NYMEX RBOB (U19): Key Support Still In Place

*RES 4: $2.0378 - High Jul 11 and key resistance

*RES 3: $1.9490 - High Jul 16 (continuation)

*RES 2: $1.8938 - Low Jul 31 (continuation) - close the gap

*RES 1: $1.8208 - Low Jul 18 (continuation) and previous key support

*PRICE: $1.7599 @ 09:33 BST Aug 5

*SUP 1: $1.7234 - 200dma (continuation)

*SUP 2: $1.7019 - Near-term pivotal support

*SUP 3: $1.6625 - Low Jun 5 (continuation)

*SUP 4: $1.6490 - High Feb 28 (close the gap)

Although RBOB has broken lower, key medium term support remains in place,

suggesting that an outright bearish technical pattern has yet to be formed. The

$1.7019 level is now key. A break below here would be needed to confirm that the

medium term trend is switching to the downside. Holding $1.7019 keeps the

picture neutral for the time being.