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NYMEX RBOB (U19): Triangle formation......>

OIL TECHS
OIL TECHS: NYMEX RBOB (U19): Triangle formation
*RES 4: $1.7625 - Trendline resistance drawn off the Jul 11 high
*RES 3: $1.7560/7736 - 50-day EMA / Low Jul 18
*RES 2: $1.7456 - High Aug 13 and directional trigger
*RES 1: $1.7166 - Aug 21 high
*PRICE: $1.6693 @ 07:17 BST Aug 23
*SUP 1: $1.6303 - Low Aug 15
*SUP 2: $1.6111 - Low Aug 7 and key support
*SUP 3: $1.6062 - Low Jun 5
*SUP 4: $1.5794 - 1.00 projection of Apr 22-Jun 5 decline off Jul 11 high
RBOB directional parameters exist at 1.6111 - 1.7456 with a neutral tone in
place for now. For bulls, a break of 1.7456, the Aug 13 high would be
encouraging. This would open 1.7560 initially, the 50-day EMA and trendline
resistance at 1.7625, drawn off the Jul 11 high. Failure to hold above support
at .6111 would confirm a resumption of the downtrend opening 1.6062 and 1.5794.
A triangle formation on the daily chart suggests a bearish outcome is likely.

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