Free Trial

NYMEX RBOB: (H18) Bulls Need Close........>

OIL TECHS
OIL TECHS: NYMEX RBOB: (H18) Bulls Need Close Above 55-DMA
*RES 4: $1.8421 - Hourly support Feb 5 now resistance
*RES 3: $1.8064 - 55-DMA
*RES 2: $1.8003 - Low Feb 6 now resistance
*RES 1: $1.7764 - Hourly resistance Feb 7
*PRICE: $1.7649 @ 0430GMT
*SUP 1: $1.7517 - 21-WMA
*SUP 2: $1.7434 - 100-DMA
*SUP 3: $1.6844 - Monthly Low Dec 13
*SUP 4: $1.6074 - Low Oct 20
*COMMENTARY: Bears remain in control with the sell-off now seeing immediate
pressure on the 21-WMA and 100-DMA. Bears now need a close below the 100-DMA to
confirm immediate focus on Dec lows and overall focus on $1.5933-1.6074 where
the 200-DMA is located. Bulls now need a close above the 55-DMA to ease bearish
pressure and above $1.8800 to confirm a break of the 21-DMA ($1.8672) and target
2018 highs.

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.