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OIL TECHS: NYMEX RBOB (X19): Trades Higher
*RES 4: $1.6971 - 76.4% retracement of Sep 16 - Oct 3 decline
*RES 3: $1.6824 - High Sep 19 and key resistance
*RES 2: $1.6628 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 1: $1.6550 - High Oct 23
*PRICE: $1.6475 @ 07:24 BST Oct 24
*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 rallied yesterday to trade above resistance at 1.6474, Oct 11 high. This
reinforces the bullish outlook following 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. While this level holds, further upside is favoured.