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NYMEX RBOB (Z19): Bearish Engulfing.......>

OIL TECHS
OIL TECHS: NYMEX RBOB (Z19): Bearish Engulfing Reversal
*RES 4: $1.6742 - 1.00 projection of Oct 14 rally off Oct 21 low
*RES 3: $1.6603 - 76.4% retracement of Sep 16 - Oct 3 decline
*RES 2: $1.6597 - High Oct 30 and bull trigger
*RES 1: $1.6299 - High Oct 31
*PRICE: $1.5959 @ 07:36 BST Nov 1
*SUP 1: $1.5800 - Low Oct 31
*SUP 2: $1.5536 - Low Oct 23
*SUP 3: $1.5417 - Low Oct 21 and key support
*SUP 4: $1.5096 - Low Oct 10
RBOB gains stalled Wednesday just ahead of 76.4% of the Oct 14 - Oct 21 decline
at 1.6603. Importantly, a bearish candle pattern surfaced that day in the shape
of a bearish engulfing. This highlighted a potential top in the trend that
started Oct 3 and yesterday's selling pressure reinforced the importance of the
reversal. Furthermore, prices have trade through $1.5907, trendline support
drawn off Oct 3 low. An extension lower will expose $1.5417.

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