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NYMEX RBOB (Z19): Testing Trendline.......>

OIL TECHS
OIL TECHS: NYMEX RBOB (Z19): Testing Trendline Support
*RES 4: $1.7207- Bull channel top drawn off Oct 3 low
*RES 3: $1.7196 - High Sep 16 and primary resistance
*RES 2: $1.7000 - Round number resistance
*RES 1: $1.6843 - High Nov 5 and bull trigger
*PRICE: $1.6273 @ 07:21 GMT Nov 8
*SUP 1: $1.6274/04 - Channel base drawn off Oct 3 low / Low Nov 11
*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 maintains a bullish tone despite Wednesday's sell-off. The positive theme
follows the recent rebound in prices that resulted in a breach of former
resistance at $1.6597, Oct 30 high. This confirmed a resumption of the uptrend
in place since Oct 3. Attention is on the bull channel support drawn off Oct 3
low that intersects at $1.6274. The trendline is currently being tested, a clear
break would alter the picture and highlight a return to bearish activity.

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