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Free AccessNYMEX RBOB: (F18) Pressuring Channel......>
OIL TECHS: NYMEX RBOB: (F18) Pressuring Channel Base
*RES 4: $1.7527 - Hourly resistance Dec 1
*RES 3: $1.7353 - Hourly resistance Dec 4
*RES 2: $1.7142 - Hourly support Dec 5 now resistance
*RES 1: $1.6894 - Low Dec 5 now resistance
*PRICE: $1.6677 @ 0430GMT
*SUP 1: $1.6647 - Daily Bull channel base (Off June 21 Low)
*SUP 2: $1.6354 - Low Oct 25
*SUP 3: $1.5870 - 100-DMA
*SUP 4: $1.5831 - Low Oct 17
*COMMENTARY: Losses continue for the contract with immediate pressure now on the
daily bull channel base. O/S studies are noted as a concern for bears. Bears now
look for a close below $1.6354 to confirm initial focus on $1.5831-70 where the
100-DMA is located. Initial resistance is noted at the Dec 5 low with bulls
needing a close above to ease bearish pressure. Overall a close above $1.7700 is
needed to shift focus back to $1.8151 2017 highs.
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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.