NYMEX RBOB (Z19): Rebounds Off Support....>

OIL TECHS: NYMEX RBOB (Z19): Rebounds Off Support

*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: $1.6648 - High Nov 20

*PRICE: $1.6588 @ 07:25 GMT Nov 21

*SUP 1: $1.5868 - Low Nov 20 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 rallied sharply yesterday. Price action has this week remained above, apart

from a brief probe yesterday, support at 1.5885. The sharp recovery yesterday

resulted in a breach of initial resistance at $1.6550, Nov 15 high. This sets

the scene for a retest of key near-term resistance at $1.6843, Nov 5 high and

the bull trigger. On the downside, it would take a break of yesterday's low of

$1.5868 to highlight a bearish threat.