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Free AccessNYMEX RBOB (J20): Selling Pressure........>
OIL TECHS: NYMEX RBOB (J20): Selling Pressure Resumes
*RES 4: $1.3480 - Low Mar 6 and gap high on daily chart
*RES 3: $1.2348 - High Mar 10 and key near-term resistance
*RES 2: $1.1171 - Mar 12 high
*RES 1: $1.0195 - High Mar 13
*PRICE: $0.7836 @ 07:34 GMT Mar 16
*SUP 1: $0.7423 - 3.500 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 2: $0.7004 - 3.618 projection of Jan 8 - Feb 4 decline from Feb 20 high
*SUP 3: $0.7000 - Round number support
*SUP 4: $0.6485 - 3.764 projection of Jan 8 - Feb 4 decline from Feb 20 high
RBOB suffered a sharp sell-off again overnight with futures trading to fresh
lows and confirming again, a resumption of the downtrend. This also confirms
that the path of least resistance remains down and suggests further price
depreciation is likely. The move below the psychological $1.000 level has opened
$0.7423 next, both Fibonacci projections. Initial firm resistance is seen at
Friday's $1.0195 high.
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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.