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OIL TECHS: NYMEX RBOB (Z19): Key Intraday Support Is At $1.5885
*RES 4: $1.7196 - High Sep 16 and primary resistance
*RES 3: $1.7000 - Round number resistance
*RES 2: $1.6843 - High Nov 5 and bull trigger
*RES 1: $1.6550 - High Nov 15
*PRICE: $1.5942 @ 06:53 GMT Nov 20
*SUP 1: $1.5885 - Low Nov 8 and intraday bear trigger
*SUP 2: $1.5800 - Low Oct 31 and key support
*SUP 3: $1.5536 - Low Oct 23
*SUP 4: $1.5417 - Low Oct 21
RBOB continues to consolidate. The focus recently has been on the potential for
a recovery, to extend the uptrend established in October. For this to unfold,
key support at $1.5885, Nov 8 low needs to remain intact. A break of the support
would highlight a bearish threat signalling instead a reversal and would open
$1.5800, Oct 31 low. If $1.5885 holds and prices rally through $1.6550,
attention would return to resistance at $1.6843, Nov 5 high once again.