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NYMEX RBOB: (V17) Bears Need Close........>

OIL TECHS
OIL TECHS: NYMEX RBOB: (V17) Bears Need Close Below $1.5625
*RES 4: $1.6515 - Daily Bull channel top
*RES 3: $1.6248 - Monthly High Feb 10
*RES 2: $1.6189 - High Aug 28
*RES 1: $1.6078 - Hourly resistance Aug 28
*PRICE: $1.5892 @ 0430GMT
*SUP 1: $1.5803 - Hourly support Aug 29
*SUP 2: $1.5470 - Hourly support Aug 24
*SUP 3: $1.5267 - Hourly support Aug 23
*SUP 4: $1.5264 - 21-DMA
*COMMENTARY: The recovery from the dip below the 100-DMA ($1.4570) in past
week's continues although the lack of follow through is a concern for bulls as
the Bollinger top ($1.5832) remains a concern. Layers of support have
accumulated with bears now needing a close below $1.5625 to confirm an easing of
bullish pressure, shifting immediate focus to the 21-DMA and overall focus back
to 1.4498-1.4853 where 55 & 100-DMAs are located.

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