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NYMEX RBOB (V19): Pressing key............>

OIL TECHS
OIL TECHS: NYMEX RBOB (V19): Pressing key resistance zone
*RES 4: $1.6446 - High Aug 2
*RES 3: $1.6141 - High Aug 5
*RES 2: $1.5979 - High Aug 13 and directional trigger
*RES 1: $1.5828/5872 - High Aug 29 / 50-day EMA
*PRICE: $1.5833 @ 06:51 BST Sep 9
*SUP 1: $1.5093 - Low Sep 6
*SUP 2: $1.4667 - Low Sep 4
*SUP 3: $1.4475 - Low Sep 3
*SUP 4: $1.4214 - 1.618 projection of Jul 11 - Jul 18 decline from Jul 31 high
RBOB rallied Friday and begins the week holding onto gains. Wednesday's candle
pattern is a bullish engulfing reversal and a strong warning sign to bears.
Also, trendline resistance drawn off the Jul 11 high, has been breached.
However, a key band of resistance between $1.5828 - $1.5979 representing the
50-day EMA and Aug 13/21 highs remains intact. Clearance of this zone would
confirm a bullish reversal and open $1.6446. Support lies at $1.5093.

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