Free Trial

NYMEX RBOB: (J18) Topside Failures Take...>

OIL TECHS: NYMEX RBOB: (J18) Topside Failures Take Toll
*RES 4: $1.9940 - Hourly resistance Feb 27
*RES 3: $1.9696 - Alternating daily support/resistance
*RES 2: $1.9486 - High Mar 7
*RES 1: $1.9209 - 21-DMA
*PRICE: $1.8734 @ 0430GMT
*SUP 1: $1.8893 - Hourly resistance Mar 9 now support
*SUP 2: $1.8566 - Low Mar 2
*SUP 3: $1.8384 - Monthly Low Feb 13
*SUP 4: $1.8186 - High Oct 23 now support
*COMMENTARY: J18 failed to gain traction above the 100-DMA ($1.9461) last week
with layers of resistance noted $1.9209-2.0173. Bulls now need a close above the
21-DMA to gain breathing room and above $1.9486 to confirm a break of the
100-DMA hinting at a move back to $2.0846-0995 with above $2.0173 to confirm.
While the 21-DMA caps immediate focus remains on $1.7991-1.8566 where the
200-DMA is noted.

To read the full story



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.