NYMEX RBOB (V19): Bullish engulfing.......>

OIL TECHS: NYMEX RBOB (V19): Bullish engulfing reversal?

*RES 4: $1.6141 - High Aug 5

*RES 3: $1.5979 - High Aug 13 and directional trigger

*RES 2: $1.5828/5872 - High Aug 29 / 50-day EMA

*RES 1: $1.5692 - Trendline resistance drawn off the Jul 11 high

*PRICE: $1.5322 @ 07:07 BST Sep 5

*SUP 1: $1.4667 Low Sep 4

*SUP 2: $1.4475 - Low Sep 3

*SUP 3: $1.4214 - 1.618 projection of Jul 11 - Jul 18 decline from Jul 31 high

*SUP 4: $1.4133 - 1.00 projection of Apr 22-Jun 5 decline off Jul 11 high

RBOB bounced sharply higher yesterday eating into the sell-off on Monday and

Tuesday. Yesterday's candle pattern is a bullish engulfing and a warning sign to

bears. However, trendline resistance drawn off the Jul 11 high remains intact at

$1.5692. Furthermore, the key band of resistance between $1.5828 - $1.5979

representing the 50-day EMA and Aug 13/21 highs remains intact too. Clearance of

these levels is needed to signal a reversal. $1.4475 is support.