Free Trial

NYMEX RBOB (H19) Trending Lower *RES 4:...>

OIL TECHS
OIL TECHS: NYMEX RBOB (H19) Trending Lower
*RES 4: $1.8607 - 200-dma (continuation chart)
*RES 3: $1.6251 - 100-dma (continuation chart)
*RES 2: $1.6104 - High Nov 16 (continuation chart)
*RES 1: $1.5177 - High Dec 7 (continuation chart)
*PRICE: $1.4221 @ 06:28 GMT Feb 6
*SUP 1: $1.3230 - Jan 28 low (continuation chart)
*SUP 2: $1.2685 - Jan 2 low (continuation chart)
*SUP 3: $1.2450 - Dec 26 low (continuation chart)
*SUP 4: $0.8975 - Feb 12 2016 (continuation chart)
Despite a minor pullback off recent highs, RBOB futures have so far managed to
hold above the 50-dma at $1.3935. Bulls need to recover the Feb 4 high, before
focusing on the Dec 7 high at $1.5177. Above here would extend the uptrend
towards the Nov 16 high & 100-dma at $1.6104/6251. A downside break of the
50-dma changes the short-term outlook, This brings the Jan 28 low at $1.3230
into view, ahead of a run at the Jan 2 and Dec 26 lows.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.