Free Trial

NYMEX RBOB (G20): Off Recent Lows *RES....>

OIL TECHS
OIL TECHS: NYMEX RBOB (G20): Off Recent Lows
*RES 4: $1.6711 - High Jan 21
*RES 3: $1.6392 - High Jan 22
*RES 2: $1.5739 - High Jan 24
*RES 1: $1.5353 - High Jan 29
*PRICE: $1.5137 @ 07:27 GMT Jan 30
*SUP 1: $1.4360 - Low Jan 27
*SUP 2: $1.4148 - Low Sep 3
*SUP 3: $1.4100 - Low Aug 7
*SUP 4: $1.4000 - Round number support
RBOB is off recent lows. Recent gains reflected an easing of the risk averse
mood that has dominated market sentiment recently. From a technical standpoint
though, gains are viewed as a correction. Recent sharp losses are seen weighing
on sentiment with bearish technical conditions still in place. Futures have this
week probed key support at $1.4434, the Oct 3 low. A clear break would open
$1.4148, Sep 3 low. The next firm resistance is seen at $1.5739.

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.