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(M2) Trend Needle Points South


(M2) Bearish Focus


(M2) Remains Below Resistance

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OIL TECHS: NYMEX RBOB: (V17) Bulls Need Close Above $1.5042
*RES 4: $1.5281 - High Aug 14
*RES 3: $1.5042 - High Aug 16
*RES 2: $1.5025 - 200-DMA
*RES 1: $1.4889 - Hourly resistance Aug 16
*PRICE: $1.4778 @ 0430GMT
*SUP 1: $1.4692 - Low Aug 16
*SUP 2: $1.4572 - Low July 26
*SUP 3: $1.4540 - 100-DMA
*SUP 4: $1.4409 - High July 24 now support
*COMMENTARY: The correction lower from Aug highs has resulted in closes below
the 200-DMA & bull channel base with focus on the 100-DMA. Bears now look for a
close below the 100-DMA to confirm focus on $1.4122-1.4409 where the 55-DMA is
located. Bulls now look for a close above $1.5042 to confirm breaks of 21 &
200-DMAs, easing bearish pressure and above $1.5281 to shift focus back to

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