Free Trial

NYMEX RBOB: (F18) $1.7026 Hold Would......>

OIL TECHS
OIL TECHS: NYMEX RBOB: (F18) $1.7026 Hold Would Help Near Term
*RES 3: $1.7337 Dec 8 high
*RES 2: $1.7260 Hourly high Dec 8
*RES 1: $1.7155/63 Hourly resistance
*PRICE: $1.7088 @0520GMT                                   
*SUP 1: $1.7026 Dec 7 high, now support
*SUP 2: $1.6938 Hourly base Dec 7
*SUP 3: $1.6886/88 Hourly low/high Dec 7
*SUP 4: $1.6776 Initial recovery high Dec 7, now support
*COMMENTARY: Friday's rally to $1.7337, slightly surpassed initial resistance
from $1.7323 but was unable to sustain this rise on the day. The subsequent
setback is helping to reduce some near term overbought conditions with the Dec 7
high at $1.7026, now acting as a brake to a deeper pullback. In the meantime,
resistance from $1.7163-$1.7260 needs to be regained, before the topside is in
fresh shape again.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.