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OIL TECHS: NYMEX RBOB (Z19): Bearish Engulfing Reversal?
*RES 4: $1.7196 - High Sep 16 and major resistance
*RES 3: $1.6742 - 1.00 projection of Oct 14 rally off Oct 21 low
*RES 2: $1.6603 - 76.4% retracement of Sep 16 - Oct 3 decline
*RES 1: $1.6597 - High Oct 30 and bull trigger
*PRICE: $1.6171c@ 07:39 BST Oct 31
*SUP 1: $1.6056 - Low Oct 30
*SUP 2: $1.5907 - Trendline support drawn off Oct 3 low
*SUP 3: $1.5536 - Low Oct 23
*SUP 4: $1.5417 - Low Oct 21
RBOB gains stalled yesterday just ahead of 76.4% of Oct 14 - Oct 21 decline at
1.6603. Importantly, a bearish candle pattern surfaced yesterday too in the
shape of a bearish engulfing. This highlights a potential top in the trend that
started on Oct 3. If correct, the near-term outlook appears bearish with
attention on trendline support drawn off Oct 3 low at 1.5907 today and a key
support. Clearance of yesterday's $1.6597 high would reinstate a bullish theme.