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OIL TECHS: NYMEX RBOB (X19): Moving Sideways
*RES 4: $1.6824 - High Sep 19 and key resistance
*RES 3: $1.6628 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 2: $1.6576 - High Sep 24
*RES 1: $1.6474 - High Oct 11
*PRICE: $1.6014 @ 07:04 BST Oct 23
*SUP 1: $1.5797 - Low Oct 14
*SUP 2: $1.5605 - Low Oct 10
*SUP 3: $1.5400 - Low Oct 8
*SUP 4: $1.5175 - Low Oct 3 and key support
RBOB continues to consolidate. The outlook remains bullish however. A positive
theme follows the recovery off the day low of $1.5175 on Oct 3 and more
importantly the subsequent upside follow through that confirmed a bullish price
sequence of higher highs and higher lows. The focus is on $1.6628, 61.8% of Sep
16 - Oct 3 decline. Initial support has been defined at 1.5797, Oct 14 low. A
firmer level though is at 1.5400, Oct 8 low.